In particular, credit volumes increased by 3.1 per cent after the regulatory capital relief measures, while interest rates on loans to firms eased by 7 basis points. Ampudia et al., 2021. See, for Romania, Neagu et al., 2015.
Our response to COVID-19 has necessarily focused attention in 2020 on ensuring the financial system uses the resilience built-up in recent years to support the real economy. We believe the experience of the COVID-19 shock re-emphasises the need to have a robust, comprehensive and effective macroprudential framework. It also presents some lessons for how the framework could operate.