*  *  *  The events of recent weeks, particularly the Greek crisis, show that the period of economic and financial instability which began almost three years ago is not over yet. The first phase of that instability, starting in August 2007, occurred mainly on the financial markets, ranging from the money markets to the stock markets.
[31] This is especially important, since the € is the basis for the overnight interest rate swap curve, along which the market prices expectations of future policy. In the secured segment, the general pattern has been that of near-complete adjustment of repo rates for transactions based on a broad collateral pool, which are predominantly driven by a motivation to borrow or lend cash.