A working paper published by the Bank of Greece on October 3 says financial conditions have differed across the core and periphery of the eurozone both before and after the crisis.

The authors, Eleni Angelopoulou, Hiona Balfoussia and Heather Gibson, say monetary policy in the area may have contributed to maintaining poor liquidity conditions in the periphery. After "leaning against the wind" during the financial crisis, monetary policy "seems to be operating in a pro-cyclical manner in the