But monetary policy transmission mechanism of this channel is weak because of the low impact of the interest rate channel, and also because the transmission mechanism cannot be developed on the basis of the short end of the yield curve, it needs a spectrum of rates in order to develop further, and the government has kept closed the long-term rate structure by holding off PIB auctions.
At the same time, the empirical link between monetary developments and evolving imbalances in asset and credit markets implies that the money pillar can help to detect these imbalances at an early stage, providing for a timely and forward-looking response to any risks to financial and macroeconomic stability. IV. Conclusions  Let me now conclude.