On the other hand, the greater international diversification of investments makes the markets fundamentally more resilient today. Furthermore, owing to the increased significance of the funds, relative to that of the banks, the creditor pattern is nowadays much more heterogeneous and more diversified. That reduces the risk of chain reactions.
If the banks are less heavily involved, the danger of a liquidity crisis impairing the viability of the payment and settlement system decreases. After all, not every liquidity crisis poses a systemic risk. V Central banks - like other economic policy makers - must adjust to the reality represented by the global financial markets.