As to monetary and credit developments, following double digit growth rates in the build-up of the financial crisis, signalling risks for macroeconomic instabilities and price stability, annual growth in the broad monetary aggregate M3 and in loans to the private sector fell sharply between 2008 and mid-2010 (slide 5). Since then, money and credit growth started to recover.
However, underlying growth trends remained moderate, correcting a sizeable part of the excess liquidity that had been accumulated before the start of the crisis. Monetary policy The ECB from the very beginning of the crisis has taken decisive and swift action through both its standard and non-standard monetary policy measures.