So we should not have too high expectations that more credit will in itself lead to a surge in investment and employment. At the end of October, the Federal Reserve decided to discontinue its purchases of government and mortgage-backed bonds. It has been important to avoid turmoil in this connection.
And indeed, the decision was expected in the markets and reflects the continued improvement of the US economy. It also underlines the divergence between the US and euro area economies. In all the major economies, monetary policy is supporting growth by reducing market interest rates and risk premia to very low levels.