We analyse the wide array of rescue programmes adopted in several countries, following Lehman Brothers' default in September 2008, in order to support banks and other financial institutions. We first provide an overview of the programmes, comparing their characteristics, magnitudes and...

An environment of low growth and low inflation in the euro area does not foster swift private sector deleveraging. Yet, reviving growth is critically dependent on how quickly excessive levels of debt can be reduced, particularly in sectors that remain unprofitable. This is essential to support a...

The in-house credit assessment systems (ICASs) developed by euro area national central banks (NCBs) are an important source of credit risk assessment within the Eurosystem collateral framework. They allow counterparties to mobilise as collateral the loans (credit claims) granted to non-financial...