Rather, the asymmetric Maastricht framework should be designed so as to make the structure stable without depending on a political union. To do that, the binding force of the debt rules should be strengthened. Admittedly, that was precisely the objective of the last reform of the Stability and Growth Pact. However, it ended up conceding considerable discretionary scope, mainly to the European Commission.
Under these circumstances, major banks are gradually becoming more active in extending loans, while carefully evaluating the credit risks involved. However, credit demand for economic activities such as business fixed investment remains weak. In addition, some firms have been trying to reduce debts using their on-hand liquidity.