15  S. Cociuba, M. Shukayev and A. Ueberfeldt, “Do Low Interest Rates Sow the Seeds of Financial Crises?” Working Paper No. 2011-31, Bank of Canada, 2011; H. Damar, C. Meh and Y. Terajima, “Leverage, Balance Sheet Size and Wholesale Funding,” Working Paper No.
But at the ECB we were always aware of our responsibility and managed to craft a monetary policy supported by all members of the Governing Council. This paid off during the crisis. But this success has been double-edged: the ECB has not only had to repeatedly take on new tasks, such as banking supervision.