Annual growth of bank loans to euro-area non-financial corporations, adjusted for sales and securitisation. Credit to firms tracks investment: growth turned negative after 2008 and again in 2013, but rose through 2020. The zero line is a worldstat.us construction, not a tested rule.
Threshold source: worldstat.us construction: loans to firms below their level of a year earlier. How thresholds are chosen
Loan growth is a coincident series and is distorted by large one-off securitisations even after adjustment.