In particular, without this bold and swift reaction by central banks, and notably by the ECB as early as 9 August 2007, the systemic liquidity crisis would have spread across the industrialised countries, and then across the globe, and it would have been grave. I can say the same thing about the actions taken by the public authorities.
The budgetary positions are much more diverse than one may think. Some countries are in a relatively favourable position because their past management was wise and prudent, while others are already very close to losing their credibility.