The League loan, which was the first international support scheme of its kind, came with severe conditions attached. For several years, Austrian fiscal policy was under direct supervision of League commissioners. In 1923, the Oesterreichische Nationalbank was resurrected from the ashes of the defunct Austro-Hungarian bank. Here again, a representative of the League sat on the board.
We should also not forget influences on the supply side. Banks and other providers of credit to households have been competing vigorously to expand or protect their market share. In the process, lending standards have been progressively eroded so that lenders are now engaging in practices that would have been regarded as out of the question five or ten years ago.