Business needs a pause. Inverse policy prescriptions: dos-and-don'ts are reversed
promote evergreening
(i) carrot: offer banks cheap central bank refinancing for rolled-over loans
(ii) stick:  strictly enforce NPL

Enable firms to pay
(i) wages (Kurzarbeit scheme) and
(ii) other cash outflows by 
granted (super senior) loans that are paid back like taxes over 8 years

Proposal by Markus Brunnermeier, Jean-Pierre Landau, Marco Pagano, and Ricardo Reis
 

New article in The Washington Quarterly