And that is because there is a problem with the simple indicator that is typically used to assess the effects of financial deepening on economic development – that is private credit to GDP. It’s a crude measure which is incapable of measuring the quality and  6  C M Reinhart and K S Rogoff (2008), This Time is Different.
Taken together, these factors should strengthen demand, increase capacity utilisation and support money and credit growth, and thereby contribute to a return of inflation rates towards 2%. Let me now explain our assessment in greater detail, starting with the economic analysis. Real GDP in the euro area rose by 0.2%, quarter on quarter, in the third quarter of 2014.