The limited experience of countries including Canada, Croatia, Spain, New Zealand, the US, China, Hong Kong and South Korea, suggests that macroprudential policies can be effective in terms of their impact on intermediate targets such as credit growth, property price inflation and the availability of credit.
The 50 per cent of problematic companies are striving to weather the storm, so their demand for long-term credit has fallen 6  Visco (2017), ‘Exchange of views with the Governor of the Bank of Italy Ignazio Visco on the economic and financial  situation of Italy and prospects for economic governance in the European Union’, European Parliament, Committee on Economic and Monetary Affairs, Brussels, 11 April 2017.