The Eurosystem is ready to actively contribute to the implementation of reforms wherever necessary. Thank you very much for your attention. References C. Reinhart and K. Rogoff (2008), Banking Crises: An Equal Opportunity Menace, NBER Working Paper No. 14587. C. Reinhart and K. Rogoff (2009), The Aftermath of Financial Crises, paper presented at the American Economic Association Meeting in San Francisco, 3 January 2009.
After years of endless theoretical discussions on the potential merits of private sector involvement in crisis management and resolution, the EBCI emerged almost spontaneously as the appropriate response to actual and acute problems. Coordinated international assistance to countries that both needed and deserved it has been crucial for mitigating the impact of the crisis.