In other words, the key to reviving growth and investment in the euro area is for each stakeholder to take responsibility for what it can change, within its mandate – and then just do it. Thank you for your attention.
This is because monetary policy interest rates are transmitted to banks' deposit and lending rates, which in turn have a direct impact on the demand for deposits and loans – and thus economic activity. Therefore, money supplied by banks as deposits is not any worse than money supplied by central banks.