Since the financial crisis of 2008, the growth rate has been exceptionally slow, due to weak growth in total factor productivity. In addition to the recession itself, the slow pace of recovery does, in fact, constitute a significant part of the overall costs of the crisis.
How well do inflation swaps reflect expected inflation?
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Why are euro area loans to non-financial corporations growing so slowly?
In spite of an accommodative monetary policy and a general economic recovery, growth of loans to non-financing corporations has remained weak in the euro area. The consistently poor growth is largely due to real estate market bubbles in a few countries, which then burst as a result of the financial crisis.