This helped stressed market participants from peripheral countries to access the collateralised money market throughout the crisis. In spite of these positive effects, the increasing importance of CCPs harbours the risk of contagion effects. The default of one of  BIS central bankers’ speeches  1  these central and highly connected interbank participants might have serious impacts on markets.
Because the restructuring was delayed, Canada had to respond in a more dramatic fashion. We had to do more and do it faster. More importantly, our fiscal situation was more precarious and required stronger medicine. As a result, we ended up with more pronounced short-run disruptions and more catching up to do in terms of output and employment.