(2000) for a thorough discussion of the role of the money-growth reference value in the overall policy strategy of the ECB. BIS Review 25/2001  9  To move in this direction would have the advantage of allowing money growth once again to play a role as a failsafe, or second check, on the consistency of monetary policy with FOMC's medium-term inflation objective.
Knowing that banks would find it hard to collect, some promoters encouraged them to “double-up” by expanding the scale of the project, even though the initial scale was unable to service debt. Of course, the unscrupulous among the promoters continued to divert money from the expanded lending, increasing the size of the problem on bank balance sheets.