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A category that measures credit card debt rose just $817 million.
The president of the central bank, Jean-Claude Trichet, said Thursday that by all measures, credit to companies in the euro zone appears healthy.
Perhaps it's a continuation of the last one, the latest phase in a permanent cycle of crisis exacerbated by the measures (credit bubbles, deregulation, the curtailment of state spending) that were supposed to deliver uninterrupted growth.
And access to credit in Portugal is dismal, according to these measures — credit access worsened from 2012 to 2013 (Portugal's rank fell to 104th in the world from 97th).
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Quite simply, we already have a way of measuring credit, even if it is imperfect.
One central problem is that bank watchdogs need to measure credit risk to set capital requirements.
"The proposed calculation methodology (for risk) will require costly system enhancements but will not accurately measure credit risk," wrote Wells Fargo.
They point out that their ratings measure credit risk ie, the odds of default on a debt instrument that is held to maturity.
An example might be a fine levied on a bank for overcharging credit-card customers.For measuring credit risk, banks will have three options, each of which will assign more detailed weights to their assets than Basel 1 did.
Alternatives have existed for years, and many of the world's largest financial institutions have used various tools for measuring credit risk that could be applied to the broader market.
And, in no small measure, credit is due to policymakers who for the past couple of decades have gotten it right by taking a light-touch approach to regulation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com