For national authorities, the prospect of emergency liquidity provision from abroad might reduce the incentive to conduct sound economic policies and accumulate adequate reserves. This leads to the paradoxical situation that unconventional measures applied in a crisis might lower the incentive to maintain preventive measures during normal times.
*  *  *  It appears to be another case of the “principle of unripe time” – the notion coined by the late English classicist F.M. Cornford “that people should not do at the present moment what they think right at the moment, because the moment at which they think it right has not yet arrived”.