What accounts for the differences between credit growth in the four large euro-zone countries? Should credit growth be curbed in France?

Credit growth figures in Germany, France, Spain and Italy in the recent period show quite rapid credit growth in France and Germany, and a decline in credit in Spain and Italy. We first seek to determine whether it is possible to explain the differences in terms of credit growth between these countries. The explanation is probably the situation of banks and not household or corporate behaviour. We then look at the case of France. The Bank of France has repeatedly expressed concern about the speed of credit growth in France. Is there actually reason to be concerned about this? Household credit is not driving up real estate prices; business loans are financing cash holdings (which is stabilising) but also M&As.