The financial and sovereign debt crisis has transformed the structure of the money market in Europe. First, the Eurosystem has taken on a key role in the redistribution in the money market as banks reduced the number of direct transactions between themselves, instead tapping the balance sheets of national central banks. In particular, the Eurosystem’s three-year longer-term refinancing operations in December 2011 and March 2012, with the full allotment of the submitted bids, have led to high