If an event is not systemic, it can be dealt with in isolation. If this were the case, the debt problems and problems with the banking systems in the various countries could be regarded as a series of standalone phenomena, rather than as a systemic phenomenon which affects the euro area as a whole.
In the meantime, lending has improved and fragmentation within the euro area has practically disappeared. But could new TLTROs be needed all the same? If these loans have a residual maturity of at least one year, the banking supervisor categorises them as long-term financing. The first TLTRO tranche expires in June 2020.