One reason for the loosening of standards was the expectation that house prices would continue to rise – and even more certainly that they could not fall in all regions at the same time, supporting diversification through securitization.
I do not know what historians will write about the ECB at some time in the future, but every single measure we have taken was taken with due consideration of the risks involved, including the risk entailed if we had not done anything. What is also clear, however, is that the governments must now implement structural reforms.