If, on the other hand, the measures are designed to be fairly broad-based, the more basic question of the appropriate role of monetary policy may be raised by those who are focused on reactive policies that “get in all the cracks” of the financial system, not just the heavily regulated portion occupied by large financial firms.
The rising lending activity is indicated by the amount of new loans to corporates and households which, during the six months of this year, stood at the level from the same period in 2019, while relative to the first half of 2020, it was higher by a quarter.