In the discussion I will comment on two puzzles raised by this improved performance and then conclude by briefly addressing the longer-term prospects for productivity growth in the United States. The U.S. productivity resurgence and its causes What underlies the resurgence in U.S. productivity growth? Explanations of the rise in productivity growth since about 1995 have evolved somewhat over time.
Notes: Bank financing includes only loans granted to NFCs by banks. Latest observation: Q2 2018. Chart 4: Total debt financing of NFCs and MFI loans to NFCs in the euro area (annual changes in percent)  4 / 11  BIS central bankers' speeches  Source: ECB. Notes: MFI loans to NFCs have been adjusted for loan sales and securitisation and cash pooling.