Market funding came to a sudden stop for many financial institutions. The ECB’s response was to lower its main refinancing rate to the then record low of 1% in May 2009, to expand the range of eligible collateral for our refinancing operations and to provide liquidity elastically to the banking sector, at both increasingly long durations and against a wider range of collateral.
•  Fourth, this is an opportunity to obtain uniform training for each of the key players in their respective roles. With a common foundation, the objective of harmonisation in the region will draw closer to reality.