Although credit flows have been recovering, growth rates are still far below anything we saw before the crisis and on the low side of the range of growth rates historically seen during recoveries. So there is no evidence of systemic credit-fuelled bubbles.
The fiscal rules have been stiffened, with greater automaticity in the Stability and Growth Pact and the introduction of the fiscal compact. However, as we have learned in the crisis, rules have to be applied to fulfil their purpose, and they can only be the first line of defence.