It stimulates management to use financial engineering, such as off balance sheet financing or layering earnings through acquisitions and other games.

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Meanwhile on the domestic front, it listed potential threats including rising property prices, which have triggered fears that new asset bubbles could form, along with "excessive off-balance sheet financing" by banks and local governments.

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Germany was said to be more comfortable with this idea, since it didn't involve any central bank financing governments directly, and it would formally keep the credit risk off the balance sheet of the ECB.

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