Towards the end of 1996, the more restrictive policies began to produce results when both the rates of increase in bank credit extension and in the money supply slowed down.
The EFSF was replaced by the more powerful European Stability Mechanism (ESM) in October 2012. The sovereign debt crisis also revealed strong negative feedback loops between banks and sovereigns, irrespective of whether the crisis originated with the sovereign or the banks, as well as contagion among national financial markets.