Yet, they need to be co-ordinated, which is a non-trivial task given that financial and business cycles could be de-synchronised. For these reasons, as I have already highlighted, macro-prudential policy should also be under the responsibility of central banks. Finally, let me repeat the warning that without an effective macro-prudential policy, advanced economies will not be able to ensure financial stability.
Composite lending rates for non-financial companies declined more than 70 basis points for the euro area as a whole between June 2014 and today, and by between 110 and 120 basis points in stressed economies. That is a formidable pass-through. Small businesses also report improvements in access to external sources of finance.