However, as I have mentioned, the effects that work through the value of collateral and the balance sheets of firms and households (the so-called “ financial accelerator”) are changing, but certainly not losing importance. The conditions at which bank and non-bank lenders are able to attract external funds or  3  F. Altissimo, E. Georgiou, T. Sastre, M.T.
We have heard that inflation matters: Households at different life stages and in different places are balancing the cost of living against their earnings, while businesses are balancing wages and other costs against their pricing power. We have heard that access to credit matters, and that it is important to use the full range of tools to support the economy.