The annual growth rate of loans to the private sector (adjusted for loan sales and securitisation) declined further to –0.4% in September, from –0.2% in August. This development was mainly due to further net redemptions in loans to non-financial corporations, which led to an annual rate of decline in these loans of –1.2%, compared with –0.5% in August.
The monetary policy strategy of the Eurosystem and globalisation As regards the conduct of monetary policy, I think that, in particular in large economies, central banks continue to be able to influence liquidity conditions and thus short-term market rates, irrespective of globalisation and of whether the currency is widely used outside the currency area concerned (or national boundaries).