 The greatest single objection to ILLR is fear of moral hazard, as access to a liquidity facility may lead countries to opt for bolder policies with less liquidity self-protection (e.g.lower reserves) and, in the event of a liquidity crisis, to choose to incur debt from the ILLR to avoid default on private debts and preserve creditworthiness.In addition, private risk-taking as well as public risk-taking might increase in a setting characterized by a combination of inadequate macro-prudential regulation and the elimination of systemic risk.