Rather, it is because they Page 8 of 15  borrow at interest rates that are shaped by factors other than monetary policy, including higher costs of offering loans, higher risk of default, and lack of information about income.
* * * It’s a pleasure to attend Euro Finance Week again this year. This is a good opportunity to reflect on the state of the banking union and the Single Supervisory Mechanism, or SSM. Four years ago, at the start of this ambitious project, scepticism was rife.