Coupled with the prosperous development of other pillar industries and the legislation promulgated in 1982 which allowed banks in Macao to expand their activities, the financial system had a rapid growth which in turn stimulated economic development.
At that time, ten governments in the euro area out of 12 and many international observers asked the ECB to leave its key rates unchanged. International financial institutions, in particular, highlighted the risks that the tightening of monetary policy – after a prolonged period of accommodative monetary policy – could pose to the recovery.