In a severe crisis, we might even be expected to extend emergency lending to a failing CCP or to its participants although this would only be done at our own discretion: an automatic right to central bank liquidity could create serious moral hazard concerns.2 In short, the safety and soundness of CCPs matters for central banks, and it matters a lot.
And this is why, both at global and European level, the contribution of central banks to CCP supervision has been fully recognised.