Four years to the month since the global credit crisis began,European lenders remain dependent on central bank aid, plaguingmarkets and economies worldwide.

Emergency steps such as unlimited loans from the EuropeanCentral Bank are keeping many banks in Greece, Portugal, Italy andSpain solvent and greasing the lending of others, while lowinterest rates and debt-buying are containing borrowing costs. Suchaid is needed as concerns about slowing economic growth andsovereign debt prompt banks to curb lending, stockpile dollars andhoard cash in safe havens.

“I'm not sleeping at night,” said Charles Wyplosz, director ofthe Geneva-based International Center for Money and BankingStudies. “We have moved into a new phase of crisis.”