In a major way, central bankers stepped in while the markets waited for the political resolution to the twin issues. Central bankers became the catalysts for preventing another global financial crisis from erupting.
Among others, the ECB’s OMT (or Outright Monetary Transactions Program) and the Fed’s QE3 (or its third offering of Quantitative Easing) provided the financial markets with  BIS central bankers’ speeches  1  both the “actual” liquidity and the “psychological” calm that they needed to break their crisis mentality. Now, Europe seems to be getting closer to a resolution to its debt problems.