Most notably, corporate credit dynamics rose continuously up until 2008, when they began to unwind rather rapidly, first in the euro area at large and shortly thereafter also in Luxembourg. The pace and magnitude of the decline in the loan dynamics are particularly worrying, with below or near zero growth rates in the third quarter 2009.
Last year, the Institute for Monetary and Economic Studies of the Bank of Japan published a series of special edition newsletters entitled "The Economics of Climate Change" to provide an easy-to-understand explanation of the current state of the economic analysis of climate change. Bank of Japan staff members have also deepened discussions with relevant experts, for example by actively participating in various study groups.