Moreover, euro area crisis management and resolution tools were practically non-existent due to moral hazard concerns. Instead, the ECB stepped in to contain the spillover risk to the rest of the euro area. 2.
Significant progress has been made since the beginning of the debt crisis Despite the missteps and delays, significant progress has been made since the beginning of the sovereign debt crisis in 2010. The implementation of a bold economic adjustment programme has eliminated the root causes of the Greek crisis (see Stournaras, 2019a, 2018a,b and Malliaropulos, 2019).