1/5  BIS central bankers' speeches  When the markets began to doubt that these debts could be repaid, they pulled the plug. Some countries in the euro area were effectively shut off from the capital markets. In countries where the reason for the sudden stop was not already a fiscal crisis, it soon became one as sovereigns struggled to rescue their banking systems.
In the Governing Council’s assessment, the accumulation of excess liquidity was less of a concern for price stability as long as the economic recovery in the euro area remained gradual.