In order to diffuse tensions in the euro area secondary sovereign bond market, the ECB, in its 7 August statement, indicated that it would resume its Securities Markets Programme. Importantly, this statement was made following the announcement of new fiscal and structural policy measures by the Italian and Spanish governments. III.
Lessons to be learned  Against this background, it is clear that what needs to be explained is how we went from historically tranquil times to the worst financial crisis since World War II and, eventually, to an equally severe sovereign debt crisis. Was it sheer bad luck?