摘要：The author emphasizes the soft factor "confidence” and its importance for the smooth functioning of financial markets referring to the liquidity crisis with turbulences on the money markets of main developed western economies in the second half of 2007 and to the crisis management of the European Central Bank. The central bank has to weigh up a lender of last resort commitment against moral hazard arguments. As a contribution to avoid similar problems in future a programme of eight points is suggested.
