Although financial markets have calmed down to a certain extent, the situation on the interbank money market remains tense. For this reason the Bank of England (BoE) has assumed the functions of the money market. Although this move came under fire from many sides, it was indeed the right decision if one looks at the alternatives. However, the liquidity provided by the BoE will have to be withdrawn again at some stage. This will be the litmus test for a stability-oriented monetary policy. / Only available in German.