This development shows that extreme and highly unexpected periods of market stress might make fiscal intervention necessary as a way of supporting the real economy. The financial sector also benefits indirectly. What it doesn’t mean, though, is that the financial sector can count on the government: in the end, the financial system needs to be able to absorb losses on its own.
It would also be wrong to blame the CCP mechanism for the tensions at the energy exchange. Adequately collateralised derivatives transactions are a good protection against contagion risks and are positive for the financial system. Even though the situation at the energy exchanges has eased, an intensification of the energy crisis is a possible risk scenario for the financial system.