If the situation does not change dramatically and promptly, however, it is highly likely that in advanced economies, where growth potential is declining and inflationary pressures are tending to rise, the pace of recovery will continue to be restrained even under expansionary policies to stimulate aggregate demand. II.
The narrow monetary aggregate M1 remained the main contributor to broad money growth. In line with the upward trend observed since the beginning of 2014, the growth of loans to the private sector continues to support the economic expansion.