This constitutes a very challenging situation that cannot be solved by one policy area alone, be it monetary policy or any other. Furthermore, issues in the euro area are more acute than in the case of other advanced economies. Since 2008, the euro area has experienced a deep recession, a quickly interrupted recovery, another long, mild recession, and finally a slow recovery.
Credit flows easily only when the lender is persuaded that he will get his money back, so easier access to credit necessitates harsher consequences of default, including the loss of collateral. Aadhaar has given individual borrowers the possibility of using their future access to credit as collateral. I do hope the Supreme Court clears up the cloud over its use quickly.