Let me now say a brief word about the second initiative I mentioned earlier, namely the AnaCredit project, which will push the frontier of big data use at the ECB further out.10 AnaCredit will deliver loan-by-loan information, mostly on a monthly basis, on credit to companies and other legal entities extended by euro area banks.
But, at that point even the domestic recovery was at best in its early stages and its trajectory was quite uncertain. An anti-inflation stance in those conditions would have been rather risky. Finally, as I have already mentioned, an important lesson from the crisis was the critical role of liquidity in the financial system in maintaining economic stability.