5  Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and Office of Thrift Supervision (2007), "Federal Regulators Encourage Institutions to Work with Mortgage Borrowers Who Are Unable to Make Their Payments," press release, April 17, www.federalreserve.gov/boarddocs/press/bcreg/2007/20070417.
This explains why, in recent years, the ECB and the European Commission have strongly emphasised measures that support both bank and non-bank financing of the European SME sector. These measures and policy initiatives include strengthening bank financing by facilitating longer-term financing and promoting healthier balance sheets.