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 …

In the wake of recent crisis developments in the US and Europe, non-bank credit channels have often been portrayed as … data. The available evidence actually points towards a correlation between the development of non-bank credit and higher … strengthening the infrastructure for the gradual development of sustainable nonbank credit provision. …