However, even taking into account these special factors, the underlying rate of money and credit expansion remains strong. Monetary developments therefore continue to require very careful monitoring so as to detect underlying trends on the one hand and to better understand shorter-term dynamics on the other.
The Banking Union, with its SSM and SRM and their broad powers will not only give tools to handle problems but it will also have a powerful preventive effect. It enhances responsibilities of banks themselves and reduces moral hazard. I foresee such a change in the financial markets which takes place only once in a generation. BIS central bankers’ speeches  3