. 08 jan. 09 jul. 09 jan. 10 source : datastream. note : the benchmark bond index used is us treasury 3 - 5year maturity government bond index calculated by bofa merrill lynch. latest observation : 19 - jan - 10. chart 6 : mfi bank lending rates in the euro area ( percentages per annum ) short - term long - term small loans to nfc ( over 5 years ) large loans to nfc ( over 1 and up to 5 years ) large loans to nfc ( over 5 years ) loans for house purchase ( over 5 and up to 10 years ) loans for house purchase ( over 10 years ) 7 - year government bond yield small loans to non - financial corporations large loans to non - financial corporations loans to households for house purchase loans to households for consumer credit three - month euribor 10. 0 6. 5 9. 0 6. 0 8. 0 5. 5 7. 0 5. 0 6. 0 4. 5 5. 0 4. 0 4. 0 3. 0 3. 5 2. 0 3. 0 1. 0 2. 5 0. 0 2. 0 source : ecb and ecb calculations. latest observation : november 2009 for mir rates and december 2009 for market rates. chart 7 : bank lending rates on loans to non - financial corporations in the euro area ( percentages per annum ) short - term long - term small loans ( over 1 and up to 5 years ) small loans ( over 5 years ) large loans ( over 1 and up to 5 years ) large loans ( over 5 years ) 7 - year government bond yield small loans large loans three - month euribor 7. 0 7. 0 6. 0 5. 0 6. 0 4. 0 5. 0 3. 0 4. 0 2. 0 3. 0 1. 0 2. 0 0. 0 source : ecb and ecb calculations. latest observation : november 2009 for mir rates and december 2009 for market rates. chart 8 : bank lending rates on loans to households in the euro area ( percentages per annum ) short - term long - term house purchase ( over 5 and up to 10 years ) house purchase ( over 10 years ) consumer credit ( over 1 and up to 5 years ) consumer credit ( over 5 years ) house purchase ( over 1 and up to 5 years ) 7 - year government bond yield house purchase consumer credit three - month euribor 10. 0 9. 0 10. 0 8.

0 9. 0 7. 0 8. 0 6. 0 7. 0 5. 0 6. 0 4. 0 5. 0 3. 0 4. 0 2. 0 3. 0 1. 0 2. 0 0. 0 source : ecb and ecb calculations. latest observation : november 2009 for mir rates and december 2009 for market rates. chart 9 : real overall costs of financing ( percentages ) jun - 07 4. 31 3. 33 3. 20 3. 41 5. 40 overall cost of financing real short - term mfi lending rates real long - tem mfi lending rates real cost of market - based debt real cost of quoted equity oct - 09 3. 10 1. 81 1. 60 2. 51 6. 39 nov - 09 3. 07 1. 81 1. 65 2. 36 6. 28 dec - 09 jan - 10 2. 22 6. 00 2. 24 5. 92 ja n a - 0 8 pr ju 08 o l - 08 ct j a - 0 8 n a - 0 9 pr ju - 09 l o - 0 9 ct j a - 0 9 n10 sources : ecb, calculations, thomson financial datastream, merrill lynch and consensus economics forecast. last observation : mfi lending rates : november 2009 ; cost of equity and cost of market - based debt : 6 january 2010. chart 10 : nominal implied forward curves for the euro area and the united states ( percent per annum ) united states euro area 30 - jun - 09 30 - sep - 09 15 - jan - 10 30 - jun - 09 30 - sep - 09 15 - jan - 10 9 10 0 1 2 3 4 5 6 7 8 9 10 source : euromts, ecb, fed. notes : euro area based on triple a government bonds. the underlying curve of the united states excludes on - the - run bonds. chart 11 : break - even inflation rates in the euro area and the united states ( percent per annum ) euro area united states 5 - year beir ( seas. adj. ) 10 - year beir ( seas. adj. ) 5 - year forward 5 years ahead beir ( seas. adj. ) 5 - year beir 10 - year beir 5 - year forward 5 years ahead beir 4. 00 4. 00 3. 00 3. 00 2. 00 2. 00 1. 00 1. 00 0. 00 0. 00 - 1. 00 -