BIS central bankers’ speeches  5  Growth in credit extension by banks to the private sector has been relatively muted. Growth over twelve months in private sector credit extension was 7,3 per cent in April, down from to 9,2 per cent in the previous month.
A more-fiscally-integrated monetary union would help address the problems of asymmetric adjustment and the deflationary bias of our monetary union. Financial stability is a prerequisite for sustainable growth; it is also a fact, however, that financial stability on a sustainable basis cannot be achieved without economic growth.