The US Federal Reserve is currently engaged, in particular, in “credit easing”, which makes use of direct lending facilities vis-à-vis market participants. BIS Review 87/2009  9  The ECB is engaged in policies that I have characterised as “enhanced credit support”. Let me explain this to you now.
This approach focuses primarily on banks as they are the main source of credit in the euro area economy and seeks to provide enhanced support for credit provision through specific policies.