28 Changes in the supply of credit, both in terms of volumes and credit standards, have been shown to have a significant effect on real economic activity through business lending; the evidence is stronger for the euro area than the US.
Carlos da Silva Costa: Why we must complete banking union financial stability threats would hit citizens' trust Article by Mr Carlos da Silva Costa, Governor of the Bank of Portugal, in the 100th edition of the OMFIF Bulletin, 21 January 2019. * * * Following the 2008 crisis, reforms were needed in Europe’s financial sector.