There were certainly significant revelations about the true financial position in Greece that occasioned additional concern, but more generally in Europe it can’t really have been news that the state of public finances was an issue: it had been so for years.
Thanks to our stable principles, the Eurosystem’s risk management framework has successfully weathered the challenges of the financial crisis. The size and type of our operations changed, as did the assets we accepted as collateral. But our principles stayed the same. Like risk management in the banking sector, central bank risk management has to evolve with the times.