Lorenzo Bini Smaghi: Real and nominal convergence – policy challenges Speech by Mr Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank, at the Conference on European Economic Integration 2007, Currency and Competitiveness, Austrian National Bank, Vienna, 20 November 2007. * 1.
At the same time, the domestic banking sector was faced with severe liquidity problems, as banks for a long period of time had limited market access and difficulties, due to lack of eligible collateral, to get financing through the Eurosystem’s main refinancing operations and could only raise funds through the Emergency Liquidity Assistance of the Bank of Greece.