In the past three months, they have tended to rise moderately again as figures about the economy have confirmed that it has performed better than most expected. The fourth explanation for why growth has held up is a catch-all one - the economy just seems to be more flexible and adaptable than before.
Credit extended for such purposes may not have the same immediate implications for aggregate demand as lending to finance investment or consumption spending. Nonetheless, such borrowing contributes to the accumulation of monetary liquidity in the euro area, as bank balance sheets expand.