But counterfactual analysis shows that after the financial crisis and during the COVID-19 shock the ECB’s expansionary policies have been highly effective. Without our policies, inflation and GDP growth would have been dramatically lower and many more people would have lost their jobs.
Before I discuss how the HMDA screen fits into the process of fair lending supervision, I want to describe that process more generally. Fair lending reviews are an integral part of the Federal  2  BIS Review 55/2006  Reserve’s supervision for consumer compliance and are performed regularly within each examination cycle.