Credit to the private sector which grew since July 2009, and declined between January and August, 2010. Since then, it has been rising. By October 2010, credit to private sector, core private sector, and government grew by 3.86, 3.07 and 64.02 per cent, respectively, on annualized basis.
This property can be described more concretely with reference to the euro area experience during the cyclical upswing of year 2000. After years of sluggish performance compared to the U.S., many conjectured that the euro area economy would also experience a revival in trend productivity growth. These conjectures led international institutions to revise upwards their estimates of potential output growth in the euro area.