These developments are still in line with regularities over past business cycles. We will monitor credit developments very closely in the months to come. While there is no clear evidence of credit constraints in the euro area as a whole, the situation differs across countries, sectors  BIS Review 34/2010  1  and company sizes.
Recent FOMC communication Communication in a period of market turmoil as we have experienced in the past several months poses special challenges. The situation has been changing rapidly, taking unexpected twists and turns.