We have a common interest in the stability and solvency of the financial sector and the protection of the interests of the consumers. In discharging this function we aim to promote a vibrant financial services industry that can continue to prosper in a very competitive international environment.
But discounting this effect, latest credit developments confirms the decline in the growth of bank credit to households and firms observed during 2008. This shows how important it is to look through short-term developments when assessing the underlying pace of monetary expansion and the associated indication for risks to price stability.