2  See Tobias Adrian, Michael Fleming, Jonathan Goldberg, Morgan Lewis, Fabio Natalucci, and Jason Wu (2013), “Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed Income Markets,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, October 16). www.federalreserve.gov/econresdata/notes/feds-notes/2013/dealer-balance-sheet-capacity-andmarket-liquidity-during-the-2013-selloff-in-fixed-income-markets-20131016.html.
Finally, the database for area-wide statistics is still relatively narrow by comparison with what central banks are accustomed to, at least in the industrialised world. Against this background, the two-pillar strategy of the Eurosystem has the advantage of being relatively resilient to these different forms of uncertainty.