But it can be because it is short of funding. And I think we took care of that with the two big LTROs where we injected half a trillion of net liquidity into the euro area banks. We took care of that. Then you have the counterparty recess related to the perception that my counterparty can fail because of lack of capital.
We can do little about that. 2  BIS central bankers’ speeches  Then there’s another dimension to this that has to do with the premia that are being charged on sovereign states borrowings. These premia have to, as I said, with default, with liquidity, but they also have to do more and more with convertibility, with the risk of convertibility.