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Europe’s unprecedented policy effort helped avert a credit crunch and led to increased private sector lending.

The timely and concerted support measures implemented by EU and national institutions ensured that banks continued providing new lending to the economy during the pandemic. At the euro area level, outstanding loans to the non-financial private sector stood at €12.6 trillion before the crisis, and they increased by approximately 7% to €13.5 trillion by the end of 2021.

ESM Chief Economist Rolf Strauch will deliver the keynote speech "Economic challenges in the euro area during the green and digital transformation" at the Handelsblatt Retail Banking Summit in Frankfurt. This event will be conducted in German.

Professor Steven Ongena

CNBC: Klaus Regling, the Managing Director of the ESM joins us live. Someone we've had some great conversations with over, what, the last twelve years in your role? Are you gonna miss it? You're off in October.