This has been the suggestion of Blanchard and others2 who state that the authorities now have potentially many more instruments at their disposal than they used before the crisis. They argue that the policy interest rate is a poor tool to deal with excess leverage, excessive risk taking, or deviations of asset prices from fundamentals.
Debt securities issued by the French CADES and the German KfW would be expected to have the same risk characteristics as French and German government debt, respectively, since the debt securities issued by these two agencies are fully guaranteed by the respective governments. It turns out that, in contrast to the government bond yield spreads, agency yield spreads remained remarkably stable.