The recovery of the economy and a return to normal conditions on the credit market will allow banks to adopt asset allocation policies that enable them to provide greater lending support to households and businesses.
This is not to say that changes to the institutional set-up of monetary union are not important. If member states want to retain autonomy with regard to fiscal policy, we need stricter rules to account for the incentives to accumulate debt that exist in a monetary union. The fiscal compact is a promising step forward.