Tensions eventually spilled over to the very short-term money markets (i.e. below one-week) in the summer, at first in the US dollar market, where banks – particularly, the European institutions – encountered difficulties in raising short-term liquidity, and on 9 August 2007 to the short-term euro money market.
After it became clear that there was the risk of an imminent gridlock in the euro money market, the ECB released a communication stating its readiness to contribute to orderly conditions in the euro money market.