It was restored today the climate on financial markets after a testing week for the banking sector and after bailouts offered to several US banks and Credit Suisse, which was considered the weak link in Europe.

Eleven major US banks they committed yesterday Thursday to prop up First Republic, the 14th largest U.S. bank by assets, allaying market fears of another bank collapse after those of Silicon Valley Bank, Signature Bank and Silvergate in the past week. An effort that was welcomed by the US central bank (Fed), the Treasury Department and two financial regulators, somewhat reassuring investors nervous about the potential risk of contagion to other banking institutions.

In Europestock indexes rose 0.89% in Frankfurt, 0.72% in Paris, 1.10% in London and 1.50% in Milan around 11:00 Greek time, finding support in the confidence message in the banking sector from the European Central Bank (ECB) which yesterday declared it ready to intervene, if necessary, to “preserve financial stability” in the eurozone.

In Asiathe stock markets as well rebounded, with Tokyo strengtheningi by 1.2% and Hong Kong by 1.1%.

“Concerns about the banking sector are easing after the big banks offered their support to First Republic and the Swiss National Bank (SNB) gave a ‘lifeline’ to Credit Suisse,” commented Eduard Moya, analyst at Oanda.

Signs of easing were also evident in the government bond market which was particularly volatile this week but stabilized after the ECB announced its strategy.

France’s central bank governor Francois Villeroy de Gallo also sought reassurance this morning. “French and European banks are extremely stable,” the French central banker told BFM Business, and “are not in the situation that some American banks are for a very simple reason, that they are not subject to the same rules.”

From March 10hey, bank failures on the other side of the Atlantic brought back the specter of the 2008 financial crisis that destabilized the global economy.