Policies to support the ecological and digital transition, which are at the heart of the European strategy, will provide a strong stimulus for upgrading production systems through the adoption of new technologies, the development of new production processes, and investment in the skills necessary to deal with change.
Nevertheless, a significant part of its expansion in the mid-2000s was related to funding of the property market. It has also been argued that accounting standards designed to reflect observable facts and limit the role of judgement as to future possibilities and risks, further contributed to pro-cyclicality in credit provision and pricing.