In April the change over three months turned negative: in May it was equal to an annualized contraction of 0.9 per cent. In the last decade, the average annual rate of growth of lending to the private sector was 9.6 per cent.
8 See Brunnermeier, M., L. Garicano, P. Lane, M. Pagano, R. Reis, T. Santos, S. Van Nieuwerburgh, and D.  Vayanos, (2011), “ESBies: A realistic reform of Europe’s financial architecture”, VoxEU; Brunnermeier, M., L. Garicano, P. Lane, M. Pagano, R. Reis, T. Santos, D. Thesmar, S. Van Nieuwerburgh and D. Vayanos, (2016), “The sovereign-bank diabolic loop and ESBies”, American Economic Review: Papers and Proceedings, 106, 508–512; Brunnermeier, M., S. Langfield, M. Pagano, R. Reis, S. Van Nieuwerburgh and D. Vayanos, (forthcoming), “ESBies: Safety in the tranches”, Economic Policy.