The experience, thus, gained has enabled evolution and further rationalization of the policy framework. There are, however, constraints which have to be addressed effectively for the successful implementation of the BC model.
But there are other barriers holding back bank lending, like heightened risk aversion, a lack of loan demand and insufficient capital. And above all, bank lending will only fully come back when the bank balance sheet repair is completed in all member states. The ECB cannot remove these constraints. This is where our responsibility ends and that of governments or other EU institutions begins.