After the Lehman insolvency, this reliance initially increased in most countries as risk aversion rose. Later, segmentation developed differently across countries, reflecting the perceived riskiness of each country. More recently, the Eurosystem policy to mitigate market segmentation and to safeguard an appropriate monetary policy transmission, namely by announcing Outright Monetary Transactions (OMTs), is mirrored in reduced country differences.
The international community has made a major effort to take on board the lessons for financial stability deriving from the global financial crisis.