This led to sudden stops in the financing of some sovereigns and their banking system, which in a way triggered massive capital outflows. All this in turn fed back into higher fragmentation risks, creating a very pervasive vicious cycle. The materialization of sudden stops in the Eurozone caught many by surprise.
Do you see that kind of openness coming into play when decision-making is made going forward? Do you see that playing a role in the way Europe looks at the European Central Bank? There’s a lot in that question.