Additionally, in December 2011, the Eurosystem announced further enhanced credit support in the form of two repo operations with maturity of up to three years. There are indications that especially these three-year longer-term refinancing operations (LTRO) have proven effective in preventing an abrupt deleveraging. They significantly helped in restoring confidence in financial markets by providing insurance on the ability for banks to rely on ECB liquidity. This has taken pressure off banks to fire-sell assets or to shrink their loan book. In fact, there is some evidence that banks who bid for liquidity at the three-year operations used this liquidity to address the roll-over risk implied by the issuance of debt securities or other funding instruments that will mature over the next few years. At the same time, there is some first evidence that the provision of long-term liquidity has helped in supporting credit provisions, especially in countries more affected by the sovereign debt crisis, therefore helping to address impairments in the transmission of monetary policy. The ECB has recently announced the details of Outright Monetary Transactions (OMT) in secondary markets for sovereign bonds in the euro area in order to address severe distortions in government bond markets which in particular originate in unfounded fears on the part of investors of the reversibility of the euro. OMT also aims to safeguard the monetary policy transmission mechanism in all countries of the euro area, thereby preserving the singleness of the ECB’s monetary policy.
True Finance – Ten years after the financial crisis Speech given by Mark Carney Governor of the Bank of England Chair of the Financial Stability Board  Economic Club of New York 19 October 2018  I am grateful to Alice Carr, James Benford and Clare Macallan for their assistance in preparing these remarks, and to Paul Brione, Chris Ford, Alex Michie, Harry Jackson and David Nicholls for background research and analysis. 1 All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  I. INTRO Last week, global financial policymakers gathered in Bali for the Annual Meetings of the IMF and World Bank. These meetings came a decade after the global financial crisis, two decades after the Asian crisis, and three decades after the Latin American debt crisis. Anyone spot a pattern? Despite the past decade of financial reform, many are asking whether anything has really changed. I am going to argue today that such weary fatalism is at odds with reality. That the radical programme of G20 reforms has made the global financial system safer, simpler and fairer. That these measures are creating a system that can serve households and businesses in bad times as well as good. That true change is creating true finance, a system that can deepen financial inclusion, better meet the needs of ageing populations and help fund the transition to a low carbon economy.