However, let me be clear on one point: no firewall will be high enough to be a substitute for the required fiscal and structural adjustments in euro area Member States. 2  BIS central bankers’ speeches  Financial sector issues As regards the on-going financial regulatory reform, the EU has taken important steps in 2011. I would like to highlight three areas.
For example, last December the ECB decided to hold two very long-term refinancing operations with a maturity of 3 years against adequate collateral. The first was conducted already in December, and the second is forthcoming. These measures are supporting the liquidity planning of banks, thus allowing the flow of credit from banks to the real economy.