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And if the bank is providing a complete backstop to Italian government debt, the panic phase would be over.
Once the slowing is at hand and the Fed is cutting rates, investors move to the end of the panic phase.
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Successful holding of nerve can only be judged retrospectively, once the phase of panic has been effectively navigated.
BRUSSELS — Many around the world are worried that Europe is about to face a Lehman Brothers moment, a big bankruptcy or sudden default that sets off a new phase of panic in Europe and beyond.
A similar pooling of risk occurred when the ECB previously bought the bonds of peripheral countries such as Greece and Italy in an effort to quell market panic in the acute phase of the euro crisis through its Securities Markets Programme, between 2010 and 2012.
"After panic, action and relief is the phase of rebuilding," Dominique Strauss-Kahn, managing director of the monetary fund, said at its spring meetings.
With regard to behaviour therapy alone, some secondary endpoints hinted at the superiority of the combination during the acute phase treatment (frequency of panic attack, social functioning).
143 patients (78 women and 65 men; average age = 39.2 ± 9.2) showed an improvement in panic symptoms after the short-term treatment phase and entered a one year maintenance phase.
First the winger Sarto found an improbable hole around the fringes before another surging sequence of attacking phases caused further defensive panic and allowed the hooker Fraser Brown to scramble over.
In a bear market, "the last phase is that capitulation, that panic, that throwing in the towel," Mr. Hill said.
21/127 patients (17%) who entered the maintenance phase experienced one or more panic attacks during the one year follow-up period after paroxetine discontinuation.
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