A working paper, published by the ECB yesterday, builds financial conditions indexes for the euro area and finds the impact of monetary policy is not "entirely symmetric" across the eurozone.

The paper – Building a financial conditions index for the euro area and selected euro area countries: What does it tell us about the crisis?, by Eleni Angelopoulou, Hiona Balfoussia and Heather Gibson – constructs three indexes: one that includes monetary policy, and two that do not.

The indexes draw on a