Today, I would like to present to you my views on steps necessary to prevent the recurrence of financial crises, reflecting upon the history of past crises and the interlinkages between financial markets, financial institutions, and central banks. II.
1 The first TLTROs took place in September 2014. In September 2014, the ECB announced the launch of the  CBPP3 and the ABSPP. 2 For more details see “The transmission of the ECB’s recent non-standard monetary policy measures” ECB  Economic Bulletin, Issue 7/2015. 4/4  BIS central bankers' speeches