Second, although some of the technology may be revolutionary, its overall effect on the financial system is likely to be evolutionary.
This, too, is clear from the ongoing discussion surrounding Greece. So how exactly can bridging payments via the ESM be safeguarded in turbulent times without absolving existing creditors from their liability? One suggestion put forward by the Bundesbank envisages, for example, an automatic threeyear maturity extension for all bonds. This would be activated the moment a government applies for an ESM programme.