•  Third, the fact that, since the creation of the euro, a wide variety of assets have been accepted as eligible collateral in refinancing operations has allowed banks to obtain refinancing against those assets through the Eurosystem.
When market prices and interest rates adjust promptly to evidence of such mistakes, the consequences of the mistakes are generally contained and, thus, rarely cumulate to pose significant systemic risk. There was some evidence of that process working in the latter part of the nineteenth century and early twentieth century when international capital flows were largely uninhibited.