Professor Patrick Honohan:

No, I know ... I think this is ... as I say, we could have a State-controlled planned system of credit. I would not recommend it. Then you would have to answer those questions and there isn't really an established methodology for it. Explaining and interpreting the growth of credit is something that has been quite difficult for, as you can imagine, I know, that ... econometricians to do, because sometimes credit grows because there are good opportunities for the future and people want to borrow for that, and sometimes credit grows because there are bad situations happening and firms have to borrow to fill holes in their in their balance sheets.