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THE STATE OF THE EUROPEAN UNION
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Hence, taking into account the impact on
the growth of monetary policy action, interrela-
tion with economic growth is not an option for
monetary policy (
Chart 12
). It is a need.
This means that if, as we have set out so far,
monetary policy should in every case be clearly
focused towards lending to the real economy as
a whole, it seems clear too that, within the real
economy, monetary expansion should in every
case be focused preferentially towards the pro-
ductive economy capable of boosting economic
growth.
In practice, this should mean, firstly, having
sufficient information about which resources of
those received by the banking system are chan-
nelled into the productive economy; secondly,
probably, prioritising channelling monetary ex-
pansion into productive activities, either through
the actual granting of resources or through a
differentiation in interest rates. It would seem
there is nothing more logical than establishing
differential base rates in monetary expansion
operations according to whether they are used
in productive activities; for non-productive bank
lending purposes and, if it is considered accept-
able, for other purposes, respectively.