Although I show respect to the EU Commission for such a proposal, I also see the following problems with that rule: There is a conflict between the strong position of the home supervisor who obtains the right to make the final decision on credit risk, market risk and operational risk approaches for the whole banking group and all its entities on one hand and the host supervisor being responsible for financial stability in his jurisdiction on the other hand.
With these significant developments in mind, I would like to raise three current issues concerning the conduct of monetary policy. The first issue concerns the effects of unconventional monetary policy and its transmission channels.