Drying up of these sources of funds along with the fact that banks were increasingly becoming risk averse, heightened their funding problems, exacerbating the liquidity tightness.
First, there are only a limited number of countries where demand for cash is clearly on a downward trend. Sweden is faced with such a situation, but in the euro area we are not. We are therefore not being pushed to go in that direction. Second, we also have to consider the implications for security and trust in the currency.