Second, the relaxation in the markets and the expansionary monetary policy are dulling the enthusiasm for reform in the ailing countries. That’s why it’s all the more important that expectations are met and that further reforms are not just announced but actually put into practice. 4. Germany as a role model  Germany is an important role model in this respect.
Not surprisingly, in many instances the objective of helping to restore market access was not achieved and, what is more, this approach became the root cause of moral hazard and more volatile capital flows. In order to roll back the part played by exceptional access it will be necessary to introduce additional safeguards.