Looking to lessons for crisis management, a main issue that emerged during the turmoil concerns the need for a smooth flow of information between central banks and supervisors during the unfolding of a crisis.
Central banks may need supervisory information for the effective performance of their functions in the management of a crisis, such as money market interventions, provision of Emergency Liquidity Assistance, and financial stability monitoring. This applies to the Eurosystem as well. Supervisors from their side may benefit from central bank information, for instance as regards banks’ liquidity positions.