Third, the lion share of German and other  2  BIS central bankers’ speeches  European banks have used the rather benign market conditions in the first part of this year and have completed an over-proportional part – or even all – of their overall 2011 funding needs in the capital market segment.
2 Second, the Terra crash reminds us how quickly an asset that purports to maintain a stable value relative to fiat currency can become subject to a run. The collapse of Terra and the previous failures of several other unbacked algorithmic stablecoins are reminiscent of classic runs throughout history. New technology and financial engineering cannot by themselves convert risky assets into safe ones.