Recent developments in monetary aggregates bode well for the inflationary outlook, provided that the direct impact of external shocks wears off and that the secondary effects of the increase in oil prices can be contained.
The rationale is to help overcoming coordination problems, market failures, or the inability of distressed banks to absorb losses (Laeven and Laryea 2009; Laryea 2010). Providing relief for debtors, e.g. (for example) by providing subsidies to creditors for lengthening  maturities, providing credit guarantees, creating asset management companies, or even engaging in direct lending to companies that are unable to access ﬁnancial markets.