On the macroeconomic outlook, he says that while near-term indicators have improved a bit, the mediumterm outlook remains "highly uncertain". He says, "For the moment it is unclear - as, I must say, it is bound to be at this stage - whether the financial system can generate the expansion of credit that will most likely be necessary to support recovery". He warns against the risks from banks simultaneously deleveraging by cutting back on the availability of credit, pointing out that "not lending would be a counterproductive business and financial strategy."
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