C.  Differences in importance of credit easing between the BOJ and ECB  Another difference between the ECB and BOJ is that the ECB’s monetary easing generally entails an element of credit easing. Recently, the lending rate charged on the private sector has dropped and credit growth has turned positive in the euro area.
In normal times, central bankers tend to place more emphasis on interest rates than on monetary and credit measures. Nevertheless, the growth rates of monetary and credit aggregates do appear to have some explanatory power regarding the future evolution of spending and inflation, and are thus useful additional indicators of liquidity.