Just to give one example, in the years before the crisis, sensing an unusual build-up of credit in certain sectors such as commercial real estate, consumer credit and capital market exposure, the Reserve Bank, to use a phrase that is now commonplace, “leaned against the wind” and tightened the flow of credit to these sectors by raising the provisioning norms and risk weights.
11  Chart 12  Historical Downtrend in Global Real Interest Rate 7-year moving average, % 20  15  10  5  0  -5  -10 CY1317  1417  1517  1617  1717  1817  1917  2017  Note: Figures are calculated based on GDP-weighted nominal interest rates and inflation rates using available data for eight countries: Italy, the Netherlands, France, Spain, the United Kingdom, Germany, the United States, and Japan.