An EU leaders’ summit in Brussels was overshadowed by the Stock market and Banking sector’s turmoil on Friday, causing concerns that the situation might be worse than initially anticipated. This situation was eerily similar to the eurozone crisis that occurred a decade ago.

Although officials were quick to reassure everyone that the current situation was not comparable to the previous crisis, which ultimately forced European countries to seek international bailouts, the financial picture on Friday was bleak.

Polish Prime Minister Mateusz Morawiecki expressed his concerns about some financial institutions in Europe, particularly the role of investment funds in the banking sector.

Deutsche Bank’s stock plunged 14 percent at one point on Friday, following last week’s collapse of Credit Suisse and the engineered takeover of the bank by its rival UBS.

The timing could not have been worse for European Central Bank President Christine Lagarde and Eurogroup President Paschal Donohoe, who were meeting with EU leaders as part of a Euro Summit, a regular economic update sometimes tacked onto EU leaders’ meetings.

In a sign of how serious and sensitive the situation had grown, there was a limit on how many officials could be briefed on Friday’s discussions, according to two EU officials.

The EU’s top-two leaders, Ursula von der Leyen and Charles Michel, also ditched their traditional post-summit press conference, although two diplomats insisted the decision was made before the market started sliding.

Most leaders similarly left the meeting without speaking to the press. But for those who did, the message was clear: nothing to see here.

Eurogroup chief Donohoe told reporters that the decisions taken as regards the amount of liquidity and capital banks hold would ensure that they will continue to be resilient in the time ahead, seeking to calm the markets. His language echoed that of Lagarde, who declined to make any public comments on Friday.

But privately, she reassured leaders that the European banking sector would weather the storm, thanks to strong capital and liquidity ratios, according to three people in the room. Crucially, she also said the ECB was on hand to provide liquidity if needed.

Behind the scripted public statements, a deep sense of unease permeated the mood in Brussels. “We are confident about our measures and buffers, but of course, this is a confidence issue, which always makes it difficult to predict how financial markets will react,” said one official in the room during the discussion with Lagarde.

“So far, so good, but everyone is closely monitoring this, and we remain vigilant.” Others pointed out that the EU’s much-heralded banking union – an interlocking system of oversight and supervision that was set up in the wake of the financial crisis – remains incomplete.

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