The position may be further aggravated by regulatory or governmental forbearance which has the potential to vitiate the credit culture amongst the target group.
Difficult times also tend, if anything, to reinforce the Union’s desire to deepen its ties with neighbouring European countries, with a view to eventual integration. The launch of this project allows us to strengthen our long-lasting commitment to the Western Balkans. Many of the ESCB’s central banks are taking part in this initiative.