TFP in the production of goods is slightly larger in the euro area than in the US. Rather, the higher overall TFP growth in the US is driven by stronger TFP growth in services, in particular in distributive trade (0.2 vs 0.5).10 Although, in passing, we should remember that productivity and technical improvements in Services are plagued by measurement difficulties.
Chart 7 Loan-to-Deposit Ratios of Banks in Major Countries 160  %  140 120 100 80  CY  1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019  60  Germany  France  Japan  United Kingdom  United States  Sources: Bank of Japan; Bank of England; ECB; FRB.