Gobernador. The ECB and Its Watchers. "Monetary Policy Transmission and the Banking System"

  • "The transmission of the current monetary policy tightening cycle to private-sector financing conditions has been forceful and, in some cases, stronger than would be expected on the basis of historical regularities".
  • "A stronger than expected monetary policy impact remains a downside risk to the euro area growth outlook. We should calibrate the degree of monetary restriction accordingly to the materialisation of such risk".
"Monetary Policy Transmission and the Banking System" (1 MB)
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