Europe is  7  See A. Turner, “Debt and Deleveraging: Long Term and Short Term Challenges,” a speech delivered to the Centre for Financial Studies, Frankfurt, Germany, 21 November 2011. Turner argues, in fact, that the current situation is the result of “decades of cumulative, massive policy errors,” particularly the over reliance on free markets, (p. 6).
Through this special operation, the Bank provides funds on favorable terms to private financial institutions that make loans in response to COVID-19. The operation also is applied to effectively interest-free and unsecured loans, for which the government takes the credit risk, provided mainly to small and medium-sized firms through private financial institutions.