Aggregate Loans to the Euro Area Private Sector Aggregate Loans to the Euro Area Private Sector and João Sousa E U R O P E a N C E N T R a L B a N K

members of the ECB Monetary Policy Committee (in particular, Tuomas Saarenheimo who acted as discussant) for a number of interesting suggestions. We are also grateful to K. Juselius for a helpful discussion. The opinions expressed herein are those of the authors and do not necessarily represent those of the European Central Bank, the Banco de España or the Eurosystem. Fax +49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper do not necessarily reflect those of the European Central Bank. 3 Contents Abstract 4 Non-technical summary 5