The third lesson is that although measures taken by central banks, both individually and collectively, have been successful in stabilizing the economy and the financial system during the crisis, policy-makers, including central banks, cannot be complacent. For example, the ECB’s OMT has significantly taken away tail risks in the euro zone.
This respite is probably, nonetheless, only temporary and this opportunity must be used to fundamentally resolve the root causes of the crisis within the euro area. Another example would be the central bank swap lines which were introduced during the height of the crisis after the collapse of Lehman Brothers and still function as a backstop to maintain stability in global interbank markets.