*  *  *  The promise of lower transaction costs, increased sales productivity, and more convenient service has lured banks into setting up new delivery channels. Earlier, vast brick and mortar branch network has been considered as an inherent advantage of established banks and new entrants were at huge disadvantage vis-à-vis the established players in terms of customer reach.
If we also add the effects of the rise in food prices, another consequence of the conflict in Ukraine, this share increases to 70 per cent. 2. Did the ECB respond too late to the acceleration in consumer prices? Is monetary policy “behind the curve” in the euro area?