Professor Gregory Connor:

That is a difficult question. I have trouble working through all of the possible scenarios there. I do believe it is clear that the ECB was in some sense pushing its charter to the limit in the amount of liquidity support it was providing and it was using the liability guarantee as a cover. The ECB was in an impossible situation where it had to keep the bank system running yet could only provide funding to solvent banks and could not deal with insolvent banks, because those were a national responsibility.