Canada, Great Britain, and the ECB, on the other hand, all have hierarchical mandates that single out price stability as the principal objective and allow the central bank to pursue other objectives only after the price stability objective has been achieved.
The growth rate was modest particularly for small enterprises and manufacturing industry; construction recorded an especially large slowdown. The fall in production and the uncertain  BIS Review 22/2009  5  cyclical outlook have depressed the demand for funds for fixed investment and working capital. Households’ demand for loans reflected the fall in housing market activity and purchases of durable goods.