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and fiscal rescue credit 2.3 The lowering of collateral standards for refinancing credit 2.4 Indirect state financing via … direct state financing: the SMP 3.2 The intergovernmental rescue funds: EFSF, ESM & Co. 3.3 Monetary policy or fiscal policy …
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state financing via refinancing credit to commercial banks <br>3. ECB government bond purchases and official bail …-out programmes <br>3.1 From indirect to direct state financing: the SMP <br>3.2 The intergovernmental rescue funds: EFSF, ESM & Co …
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