A growth model that is highly concentrated on exports is at risk when external  BIS Review 125/2010  3  demand drops sharply. A broadening of the macro economic policies would reduce this exposure. The growth model, thus, would become more sustainable. Tackling this issue would also be a contribution to deal with global imbalances.
The result of these measures is the reduction in the NPL ratio by over 10 percentage points since the Strategy adoption, which is the lowest ratio for the past almost nine years, to be more precise, after January 2009. Credit activity growth, with lower interest rates, supported economic growth as well.