The actions of the ECB and other public institutions – some of them newly created – within their respective domains and according to their mandates, had the effect of temporarily filling this void.
Official assistance packages – backed by the European Financial Stability Facility (EFSF) and the International Monetary Fund – have provided elements of ex post cross-country risksharing to Greece, Ireland and Portugal, which had been cut off from international markets. Other policy steps have been taken towards restoring trust in financial markets and the soundness of banks.