I have advised our team, the New ECB Premises Project Office, to monitor the works carefully and to keep a close eye on the quality, on the scheduling and on the costs of the project – the budget has to be respected. This is essential.
Bank lending rose from 39 percent of gross domestic product (GDP) in 2004 to 47 percent by the end of 2007, and that figure excludes the rapid growth in credit from the shadow banking sector and the GSEs, Fannie Mae and Freddie Mac. While bank loans relative to GDP have declined since 2008, it remains well above the long-term trend.