Only such reforms can foster sustainable growth and employment in the future. Thank you. 10  Ciccarelli, M., Maddaloni, A., and J.-L. Peydró, 2012. Heterogeneous transmission mechanism: Monetary policy and financial fragility in the euro area. Economic Policy forthcoming. BIS central bankers’ speeches  5  Chart 1 Real loan growth, current crisis vs. previous crises  Source: DG-E/MP/CMT internal calculations.
Note: ‘“Big five” crises’ refers to the financial crises in Spain (1977), Norway (1987), Finland (1991), Sweden (1991), and Japan (1992), where the starting year is in parenthesis. Chart 2 Leverage of euro area NFCs  Sources: Bureau van Dijk AMADEUS database and DG-E/MP/CMT calculations.