In fact, coming out of a deep banking crisis, rapid credit growth would really be a “luxury problem”! That’s not to say we don’t see pockets of exuberance, for example in some housing markets. But euro area interest rates are set to achieve macroeconomic objectives, not to prick local bubbles.
In fact, we’ve established a whole new macroprudential toolkit since the crisis precisely for that purpose, and if necessary countries should use it. And let me also add that if we did at some point see a generalised overheating in the economy, it’s never a problem for central banks to withdraw excess liquidity.