... America’s New Economy, Economica, Paris. Calza, A. , M. Manrique and J. Sousa, 2003, Aggregate loans to euro area private sector, ECB Working Paper, 202. Calza, A. , C. Gartner and J. Sousa, ... retail rates in the euro area is largely due to the difference in maturity between retail bank products and money market interest rates. Long-term market interest rates appear as important as the ... Drudi, Michael Ehrmann, Leonardo Gambacorta, Jordi Gual, Hans-Joachim Klöckers,Joao Sousa and Oreste Tristani for their comments and Rasmus Pilegaard for data assistance.All views expressed arethose...