... Advisors, The US Economic Outlook,” Ottawa, Canada, March 2008. 2 assistance, has expanded the range of collateral it will accept, and has broadened the range of counter parties eligible ... one, as long the European Union and Japan don’t want to lower interest rates and, even more so, so long as the United States can’t raise them. The other crisis management tools are also constrained. ... larger share of financial intermediation in the United States than banks. Large nonbanks are big players in derivative markets. Like large banks, large and entangled nonbanks are now special, even...