The appropriate response would  2  Leverage here refers to, for example, “guarantees” to be provided by the EFSF, which could amount to many times over what the facility can directly lend. If approved, the EFSF could be given more flexibility over the measure to prevent a crisis from spreading to major euro area member states.
As Charles Goodhart sarcastically put it 5 “[m]onetarism, in any of its guises, has become somewhat unfashionable; and the New Keynesian three-equation synthesis […] rides high. […] Deviate from this, and you are not a member of the In Crowd.” The reasons why the role of monetary aggregates in monetary policy analysis is today questioned are well known.