12  BIS Review 6/2009  In particular, the Eurosystem has substantially enhanced its provisions of central bank liquidity in order to support the orderly functioning of money markets and prevent that solvent financial institutions of systemic relevance may be weakened by protracted market illiquidity.
This is of most concern to firms that export primarily to countries that might seek to penalise importers relative to domestic producers but the complex characteristics of global value chains and inter-sectoral linkages mean that the impact of protectionism will also affect firms and locations through indirect channels.