11  of that period, no one was looking at the statistics on monetary aggregates any more. If anything, they were looking at those on credit and were mostly concerned with avoiding unwanted credit tightening measures.
The agreement reached by the European Parliament and the Council on the Bank Recovery and Resolution Directive (BRRD) is an important step in this direction. We now need to have an agreement between the Council and the European Parliament on an effective Single Resolution Mechanism (SRM) and a Single Resolution Fund (SRF).