ECB paper says monetary transmission ‘far stronger’ in some eurozone countries than others
European Central Bank (ECB) monetary policy has a "far stronger" impact in Germany and Italy than it does in Spain and France, according to a working paper published yesterday by the ECB.
The paper – Bank Lending and Monetary Transmission in the Euro Area, by Roberto De Santis and Paolo Surico – finds that changes in the ECB's monetary policy have a "significant and heterogeneous" effect on bank lending in Germany and Italy.
The banking sectors in these countries, the authors note, contain a
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