The provision of emergency liquidity assistance was reviewed every two weeks and the ECB Governing Council could put a stop to it for a variety of reasons (lack of collateral, low capital adequacy ratios of the banks, incomplete implementation of the programme, etc.). We therefore had to thoroughly prepare our positions and persistently intervene to prevent any negative developments.
Indeed, industrialised countries were hit hard by the financial crisis of 2008 and 2009 and, for the most part, their government financial accounts suffered badly.