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Japan's efforts may have little effect because banks are struggling to encourage credit growth in a weak economy despite ample liquidity — a situation economists call a "liquidity trap".
Ministers have put in place measures to breath life back into the banking system and encourage credit but with little effect.
The £12 threshold was chosen by the OFT as a practical measure to encourage credit card companies to reduce their charges without litigation.
It includes tinkering with enrollment periods, taxes, premiums, and incentives for employers and insurance brokers — and a move to "require or encourage credit rating agencies to use health insurance status as a factor in determining credit ratings".
The government decided in the 1990's to actively encourage credit card use and make it nearly universal here, as a way of increasing demand in the economy and as a weapon against tax evasion.
There is also a scheme used in America called Talf – Term Asset-Backed Securities Loan Facility – wasch was used to encourage credit to SMEs by lending money to the issuers of bonds.
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That, in turn, encourages credit creation, bank leverage and capital flows into risky assets.
At present the government spends £13m ($21m) per year on encouraging credit unions.
The Church of England's initiative to compete Wonga out of business is encouraging credit union take-up.
Mr. Draghi was asked several times whether the central bank might consider other ways of encouraging credit, for example by emulating the Bank of England's Funding for Lending Scheme, which rewards banks that lend more.
And rather than encouraging credit card companies and advertising networks to pre-emptively cut off business to Web sites accused of wrongdoing, a court order should be required before they take action.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com