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The enlargement of the European Monetary Union is likely to lead to an increase in uncertainty regarding the transmission of monetary policy for the larger union. Adding new members to the central bank council will in addition imply that the policy reaction of the enlarged council will be...
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reliant on bank credit. The credit channel theory states that, for small enterprises, a stricter monetary policy stance …
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heavily reliant on bank credit. The credit channel theory states that, for small enterprises, a stricter monetary policy …
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