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What’s left in the ECB toolbox for SMEs?

Reviving lending to small and medium-sized enterprises is crucial for the euro-zone’s prospects given the importance of these firms to the region, particularly in the periphery. Indeed, ECB President Mario Draghi has repeatedly singled out the need to address this issue. The ECB has options to get credit flowing back to the sector, but the bank will need to assume more risk on its balance sheet.

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