This was visible for instance from bank lending rates which, despite a series of cuts in monetary-policy controlled short-term interest rates, remained stubbornly high and only started entering a pronounced and durable downward convergence path around the time in which the ECB adopted its credit easing measures in mid2014 (see Chart 2).
In addition to risks related to unsustainable lending booms, which can be fueled by capital flows, policy makers and academics recently also stressed risks stemming from disruptive capital outflows, which can endanger financial stability, for example if large amounts of bank deposits 1/4  BIS central bankers' speeches  are pulled out of a country.