In turn, the lending attitude of financial institutions to firms and households deteriorated, and this negative sentiment among economic entities had a detrimental effect on economic activity, giving rise to an adverse feedback loop among the fiscal situation, the financial system, and economic activity.
Now we 1/6  BIS central bankers' speeches  have to be ready.’ And that was the second shock. Then the ECB responded. It allowed the banks to borrow large amounts from it, so that they would not start selling off their assets in a panic because they needed cash.