BIS central bankers’ speeches  mistakes may actually increase such pro-cyclicality, especially in the midst of a financial crisis. The first thing that financial institutions do when they realise losses due to their underpricing of risk is to immediately overprice risk and to de-leverage, which tends to fuel a spiral with negative effects on the real economy.
Whether or not there should be a follow-up arrangement is for the Cypriot government to decide. What matters to the ECB is to establish the conditions for sustainable growth and for a lasting return of Cyprus to market funding when the programme ends, i.e. in the spring of 2016.