New markets have been tested to some extent--by the stock market crash, by the widening of spreads in 2001 and 2002, and by the problems of the auto companies and their suppliers. So far, despite some glitches, markets have adapted and changed when deficiencies became obvious. No doubt, markets and institutions have become more flexible and resilient.
Many initiatives have been taken – by the member states in question, by the euro area as such and by the IMF. But it has proved to be difficult to come up with effective solutions. The good years of the last decade were only to a limited extent used to build up buffers.