In the first nine months of 2019, profitability rose compared with the same period in the previous year. Net of extraordinary components, ROE increased on average from 5.8 to 6.6 per cent, although it is still lower than the cost of equity.
[23] At a qualitative level, there is similar evidence for the euro area: ECB monetary policy easing reverberates globally by spurring euro-denominated loans outside the euro area. For instance, Chart 9 shows that the growth of euro-denominated credit to borrowers outside the euro area has outpaced that of US-dollardenominated credit to non-US borrowers in recent years.