The difficulty it has faced is disentangling whether the slowdown in lending to the private sector has been the result of falling demand or supply constraints imposed by banks.

• 现在欧洲央行面临的困难在于，它必须弄清楚，私人部门贷款业务放缓是需求下降造成的，还是银行采取限制供应措施的结果。