The Eurosystem did not have to change its collateral framework at the time of the financial turbulences because, since its inception, it accepted relatively broad ranges of collateral and it granted a large number of counterparties access to rather large refinancing operations. We consider that the operational framework of the Eurosystem has in itself provided notable stability during the turmoil.
It is important to recall that, as the turmoil went on, central banks strengthened their cooperation, first through enhanced information exchange and collective monitoring of market developments and later on by coordinated steps to provide liquidity.