And it is still somewhat difficult to determine, for example, what should be considered “normal” levels of liquidity or lending, insofar as the pre-crisis period was one in which high levels of both  5  lending and liquidity proved unsustainable.
3 TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system. TARGET2 is the second generation of TARGET. 4/4  BIS central bankers' speeches