CBs are required to estimate the liquidity deficit of the banking system and in accordance to their policy objectives to determine the size of their intervention through open market operations, with the view to steer market rates to desired level (which of course should be consistent with the official rates).This is why CBs are required to know among others and on a daily basis the amount and the quality of the available collateral.
On the contrary: throughout the crisis, the euro had a stabilising effect and the Eurosystem demonstrated its ability to conduct an effective crisis management. Nevertheless, it cannot be denied that the crisis revealed a number of structural deficiencies which require further reflection. In my speech, I have outlined the reforms that are necessary to strengthen the institutional foundation of the euro area.