Indeed, an expectation by financial market participants that financial crises will never occur would create its own form of moral hazard and encourage behavior that would make financial crises more, rather than less, likely.

FORBES: Transcript

Critically, the European Central Bank has interpreted its own legal role more expansively, and now foresees the possibility of intervening to stop government liquidity problems from turning into crises of solvency.

WSJ: It Pays to Be Flexible in Euro-Crisis Fight