Longdated, mark-to-market assets would then lose value, while funding costs would mount on the liability side. In a nutshell, institutions would be exposed to heightened interest rate risk. Second, 2/7  BIS central bankers' speeches  since long-term interest rates are likewise very low at the moment, the effectiveness of this lever is very limited.
It has been exactly five years since the first – and until two weeks ago the last – euro area enlargement, when Greece joined the original eleven euro area members.