It is this quality that ultimately determines the success of a programme. The design and monitoring of programmes in the euro area is done jointly by the European Commission, the ECB and the IMF. The ECB provides input through its expertise, not least with respect to the financial sector but also with regard to country surveillance.
We cannot rule out that, in real terms, the demand for money has genuinely increased. Conclusive evidence to make this point is hard to find yet. Further research on the subject should add some light on this issue. -  White remarks the low cost of buying protection against corporate bankruptcies until the outbreak of the August crisis.