The crisis demonstrated quite clearly that proceeding too far down the road of deregulation is not always conducive to better functioning markets. Rather, markets require an effective  BIS Review 81/2010  3  regulatory and supervisory infrastructure to function properly.
And we extended the maturity of our operations, going up to 3 years. Second, we acted to remove the unfounded fears about the future of the euro area that were undermining the stability of our currency. We launched a new measure called Outright Monetary Transactions (OMTs) to provide a fully effective backstop in the sovereign bond market.