", a paper delivered to the first ECB central banking conference in Frankfurt, 3 November 2000. 2  BIS Review 26/2001  of improvement in growth which many people think of when they think about improving the growth rate in our societies.
Since last year, the lending rates of banks have gone down by more than 70 basis points and in several more vulnerable or periphery countries, like in Italy and Spain, more than 100 basis points, whereas our main policy rate has gone down only by 20 basis points.