Focus. Research Videoblog

Banco de España economic research underpins our analysis and our economic policy decisions and recommendations. The papers are often technically complex. The video summaries in this series, presented by the authors, aim to bring this research closer to the Blog audience.

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subhome-transmision

06/05/2025

How do interest rates influence the supply of credit? Series: Focus. Research Videoblog

Peter Paz

Less capitalized banks tend to be more restrictive when granting credit to small and medium-sized enterprises when interest rates rise. This is one of the main conclusions of the study 'The Transmission of Monetary Policy to Credit Supply in the Euro Area' by Miguel García-Posada and Peter Paz.

Transmission of monetary policy

marco-politica-monetaria

27/06/2024

How are ECB interest rates passed through to the financial system? The Eurosystem’s new operational framework

Ricardo Gimeno and Enrique Esteban

The ECB’s monetary policy decisions are implemented under the operational framework, that steers market rates to bring them into line with the Eurosystem’s key interest rates. The ECB reviewed this framework in March 2024 to adapt it to the changing monetary policy environment.

Transmission of monetary policy