Rates on very small loans (a proxy for loans to SMEs) have declined by more than 210 basis points. Heterogeneity of lending rates across countries has fallen sharply. See Mersh, Y. (2018), “Monetary policy in the euro area – a brief assessment”. MNI Connect Roundtable, Singapore, 10 October 2018. (www.ecb.europa.eu/press/key/date/2018/html/ecb.sp181010.en.html) 2 Bernanke, B.
But in modern times, many people think of its primary role as responsibility for monetary policy. The Congress has given the Federal Reserve two objectives, known as our dual mandate, to foster maximum employment and price stability.