Of course, the Eurosystem has established mechanisms to ensure that a level playing-field across the system for system-related tasks is maintained in order to avoid regional distortions in the implementation of the single monetary policy. Clearly, the ECB is not the only party steering towards a level of legal convergence which is needed to reap the benefits of the introduction of the euro.
The macroeconomic effects of new-style crises involving market liquidity, as in 1998, or outsized movements in asset prices may be more readily cushioned by monetary policies aimed at bolstering the general level of liquidity and reducing interest rates. Such policies also carry less risk of increasing moral hazard.