Financial fragmentation persistent in face of loose monetary policy stance
Despite an accommodative monetary policy stance, bank-lending conditions have remained heterogeneous in an environment of persistent sovereign debt tensions, fragile economic activity, weak capital positions and high levels of uncertainty, the European Central Bank notes in an article in its August bulletin.
The article, Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation, provides new empirical evidence on the interest rate pass-through in
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