This helped stressed market participants from peripheral countries to access the collateralised money market throughout the crisis. In spite of these positive effects, the increasing importance of CCPs harbours the risk of contagion effects. The default of one of  BIS central bankers’ speeches  1  these central and highly connected interbank participants might have serious impacts on markets.
The uncertainty involved with transactions between banks of different countries has another consequence. The Eurosystem has become the most important counterparty in the euro money market. Before the first tensions were felt, the Eurosystem generally ensured broadly balanced liquidity conditions. Credit institutions on aggregate were allotted as much liquidity as was needed under given autonomous factors.