fluctuations generate a balance sheet channel, is used to rationalize the evidence. A monetary expansion increases bank leverage …

provide euro area citizens with access to central bank money in an increasingly digitalised world. While a digital euro could … offer a wide range of benefits, it could prompt changes in the demand for bank deposits and services from private financial … entities (ECB, 2020a), with knock-on consequences for bank lending and resilience. By inducing bank disintermediation, a …

, though they point to a downward stickiness in the bank deposit rate. Swedish and Danish banks rely mainly on wholesale … and model-based evidence confirm that the monetary policy transmission to bank lending rates has so far not been impaired …

As the euro area has a predominantly bank-based financial system, changes in the composition and strength of banks … crisis, in a context of financial market stress and weak bank balance sheets, unconventional monetary policy measures have … non-standard measures were successful in stimulating lending and which bank business models were more strongly affected …

Under the Single Supervisory Mechanism (SSM) introduced in 2014, the European Central Bank directly supervises …