Allow me to elaborate a little on this structure, which differs significantly from the structure of the US economy in several important respects, relating to both the financial system and the real economy. First, there are profound differences in the financial structures of the euro area and the United States.
The United States has a primarily market-based financial system; in contrast, the financial system of the euro area is largely bank-centred. A few numbers illustrate these differences. At the end of 2007, the stock of outstanding bank loans to the private sector amounted to around 145% of GDP in the euro area.