After the inception of the euro, the real economy in most member countries remained dependent on credit by domestic … a result, domestic banks reduced lending which led to large declines in output in sectors with many small (bank …

hampered the smooth transmission of accommodative monetary policy. Using bank level data from 2007 to 2015, we directly measure … bank in the same month for loans to small and large firms (the "Small Firm Financing Premium", SFFP). We assess the role … played by both bank and macroeconomic factors in explaining the variation in the SFFP across countries and through time. We …