This failure is attributed in literature to the so-called simultaneity bias. Using micro data allows alleviating these problems. Moreover, micro data allow analysing important economic questions that cannot be addressed using aggregate data sets. This is precisely the case if one wants to identify the existence of financial frictions, because here the individual balance sheet position of the particular firm matters.
Let me now explain our assessment in greater detail, starting with the economic analysis. Euro area real GDP contracted by 0.2%, quarter on quarter, in the second quarter of 2012, following flat growth in the previous quarter. As regards the second half of 2012, the available indicators continue to signal weak activity.