Securities Market Programme – temporary purchasing of bonds:   No state financing – only to calm markets;    Temporary, secondary market, very limited amount;  Recovery on its way (but slow and bumpy): 2010: 1.7%; forecasts 2011: around 1,6%); Nevertheless national adjustment challenges still exist: structural reforms + fiscal discipline. BIS central bankers’ speeches  5  3.
Crisis lessons:  A. Financial sector stability:    Macro-prudential perspective: importance of systemic risk, better understanding of interconnectedness in financial system – turbulence can arise from relatively modest initial shocks.