Chovanec tells Nouriel Roubini the conflict between driving growth through investment-directed credit, and the resulting inflation problem, is being brought to the fore by looming debt maturities:

“…the thing that’s really intensifying that is the need to roll over debt. No longer are we talking about bad debt as a theoretical possibility, we’re talking about it as a real thing that needs to be dealt with within the system, and it’s eating up the available credit within the system. So, if you want to drive growth, you have to do it through credit expansion, if you expand credit, then you’re creating inflation. And that trade-off has become much more intense than it was a year ago, two years ago.”