Essentially, monetarists should not oppose the LTRO. Only Austrians should. There are a lot of "neoliberals" who are closet Austrians and who only appear to be Monetarist because, during the 1970s stagflation, both Austrians and Monetarists agreed on policy.

In the current crisis, by and large Keynesians and Monetarists should agree on policy against Austrians.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker