Given the near identity of deposits and bank lending, Money and Credit are often used almost inseparably, even interchangeably, with wider measures of non-bank credit looked at only when assessing the health of corporate and household sector balance sheets.
The single monetary policy has not experienced any significant accident so far in its short life: the transition to the single currency has been quite smooth and the Governing Council of the ECB was successful in fulfilling its mandate, namely in maintaining price stability in the euro area over the medium term.