The growth of bank credit has favoured retail lending, particularly housing, real estate, trade, transport and professional services and non-banking financial companies – sectors which hitherto were not significant in the credit market. These developments led to a lively debate on the signs of overheating in the economy but subsequent moderation in inflation has diffused the attention. 4  BIS Review 102/2007  IV.
By allowing broader economic conditions and specific budgetary positions to be taken into account to a greater extent than in the  BIS Review 42/2005  1  past, such changes have the potential to strengthen fiscal coordination and surveillance, and thereby also the contribution of the SGP to fiscal sustainability and stabilisation.