We continued to finance the private sector with safeguards to make sure that there was no further financing of the state. There was no monetary financing. It was all in all the right way to go because we managed to both keep the euro intact and also avoid circumventing the Treaty.
As Peter Praet reminded us at the time, this implied two major changes to the governance of ELA interventions: first, the duration of assistance lengthened; second, the scope of assistance broadened from individual institutions to entire banking systems. Yes. It was a real balancing act; a tightrope act. Yes. It was not easy at all.