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Money, credit, monetary policy and the business cycle in the euro area
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Money, credit, monetary policy and the business cycle in the euro area

What has changed since the crisis?

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This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and long-term loans and deposits exceptionally low since the Lehman collapse. Instead, short-term interest rates and short-term loans and deposits did not show abnormal dynamics in the course of the financial and sovereign debt crisis.
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ISSN 1725-2806
ISBN 978-92-899-3488-6
DOI 10.2866/32939
Catalogue number QB-AR-19-007-EN-N
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ISSN 1725-2806 ISBN 978-92-899-3488-6 DOI 10.2866/32939 Catalogue number QB-AR-19-007-EN-N
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