What will be the impact of, say, structural changes in the financial sector (catchwords are: the trend towards securitisation and towards disintermediation)? What will be the implications for the monetary policy of the ECB of the differing monetary policy transmission channels within the eurozone? These transitional difficulties should not be made light of, by any means.
Even so, they will diminish in significance – albeit not in the short run – as increasing experience is gained within the Eurosystem. 1  BIS Review 100/1999  It will certainly be interesting to see how the ECB responds the first time that it feels a “head wind”.