The task is complicated because the assessment of liquidity risk at the systemic level is often susceptible of a fallacy of composition given that the viability of banks’ individual approaches to liquidity risk will depend upon the strategies being pursued by other market operators.
13  Articles 101 and 102 of the Treaty. 6  BIS Review 52/2009  financing. Moreover, we have more than just one fiscal authority in the euro area. The Eurosystem would have to decide how to spread purchases of government bonds across euro area countries.