Weidmann: The founding fathers of the EU treaties evidently took a sceptical view of the political will, and it is precisely for this reason that they made the central bank independent in order to protect it from a lack of or a conflict of political will. But the central bank must use and maintain this protection.
People may ask why the corporate sector had such a high leverage ratio and why the financial institutions, especially the commercial banks, were willing to lend so much to them. One of the reasons, as indicated by many economists, is that in China the local governments borrowed heavily through various financing platforms. Such borrowing was included in the statistics of corporate debt.