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But non-bank credit flows are rising again.
We continue trying everything we can to resume credit flows.
Private credit flows are expected to make an even bigger turnaround.
One is that credit flows are, in Mr. Draghi's words, "very weak".
Monetary policy cannot be the main tool used to try and resolve difficulties with credit flows.
In the United States, meanwhile, mortgage credit flows like milk and honey.
So people borrow, helped by the strong stock market, and credit flows in from abroad.
Only thus can frozen credit flows be unfrozen and blocked markets unblocked.
This is the only way to avoid the destabilising credit flows that drove southern Europe to ruin.
Credit flows to the private sector were choked off at the same time as consumer and business confidence collapsed.
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Most worrying, much of the credit flowed to property developers.
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