The y-o-y rate of growth in domestic loans to non-monetary sector accelerated further in June relative to March. It came at 13.1% and the contribution of corporate remained higher than that of household loans.
Rather, it is a simple recipe for higher inflation. We need an appropriate mix or combination of both macroeconomic and  4  BIS Review 97/2010  microeconomic policies that will bring about higher productivity, higher growth and employment in a low inflation environment. Today, what is clear is that central banks the world over have been given additional responsibilities, explicitly or implicitly.