Professor Philip Lane:

We must remember that the regular liquidity facilities of the euro system were already being tapped. That was providing support. ELA was coming into play because the amount of collateral that could be put in with the euro system had run out. There was a need to do something of a more emergency or exceptional nature. I think this is a question that the committee will definitely have to raise with the relevant authorities when it gets to speak with them. From the outside, it is not clear why that was not pursued. I do not really have any good explanation.