If we look back to 2007, problems had started to crystallise and accelerated in 2008, particularly post Lehmans, as market participants retreated towards safe assets. This tendency was intensified by the complexity and lack of transparency in the financial system.
It would be for parliaments to decide how to distribute it. But the ECB would then be directly involved in the monetary financing of governments, which it is not allowed to do. 2  BIS central bankers’ speeches