Cuts in key ECB interest rates were not being passed on to firms and households to the same extent in every euro area country. We were witnessing a serious disruption in the monetary policy transmission mechanism which, if left untended, would have posed a profound threat to price stability. The ECB responded with two sets of policies.
These education systems do not have enough management flexibility, certainly at the school level. C.  Between 1995 and 2005 expenditure per student on elementary, secondary and tertiary education rose more slowly in Israel than in the OECD countries. It is clear that a fresh approach is needed also in the field of higher education.