Credit Risk in the Euro Area
---- Acknowledgments ----
We are particularly grateful to Beatrice Saes-Escorbiac, Jocelyne Tanguy and Aurelie Touchais for their excellent research assistance. We also thank Viral Acharya, Marcus Brunnermeier, Christina Romer, David Romer, Richard Portes, Pierre Sicsic and participants to Banque de France, Banco de Espagna and LBS seminars and the NBER Summer Institute. The opinions expressed in the paper are those of the authors and do not reflect the views of the Banque de France or the National Bureau of Economic Research.