Although initially feared, another “Great Depression” was averted, partly thanks to John Maynard Keynes, who taught that the Great Depression was “great” because governments in the 1930’s failed to prop up aggregate demand. This time advanced countries responded by applying the lessons learned from that crisis by bailing out banks whereas many had been allowed to go bust during the Great Depression.
[2]  Given the increasing importance and complexity of EU CCPs, as well as their interconnectedness with  significant credit institutions that are clearing members, enhancing the supervision of central clearing at EU level is necessary.