Are reforms resulting in altered bank behaviour in terms of changes in funding structures, asset allocation and risk-taking? 3. What are the broader effects of the reforms? Such effects include the functioning of the financial system, market fragmentation, cost and availability of financing to the real economy. Focusing on the experiences of individual countries will not be sufficient to answer these questions.
2  BIS central bankers’ speeches  The euro-area debt crisis has become the third phase of the global financial crisis. It would be wrong, however, to blame the markets or the financial crisis for the debt problems that exist in peripheral countries.