Only when this situation continues for too lengthy a period – the European Central Bank’s last Convergence Report spoke of “a prolonged period of time” – would doubts arise as to whether the central bank can still adequately fulfil its Eurosystem monetary policy tasks.
So in 2008 and 2009 our banks were heroes for having been conservative, by 2010 the heroism effect had worn off already, and the public was complaining – which is what the public does about banks around the whole world. But it is important that our banking system continues to lend, but continues to lend taking account of risks.