悲观者认为近年来银根太宽松，实际利率也太低，信贷增速太快，这些现象在新兴经济体更为明显。

Pessimists point out that monetary conditions have been loose in recent years, with real interest rates low and credit growth rapid, particularly in emerging economies.

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例如，在周期的中期从宽松回转到紧缩，或者一个新的银根放松周期的第一个放松的举动。

For example, a shift from easing back to tightening in mid-cycle, or the first easing move of a new easing cycle.

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