Notes: Chart shows the net percentage of banks reporting that changes in the ECB’s monetary policy asset portfolio and TLTRO III had (a) a positive impact on lending volumes and (b) contributed to an increase in their liquidity over the relevant six-month period. The final period denotes expectations. The latest observation for the BLS is the first quarter of 2023.
13  For a discussion see OECD Employment Outlook (2006) and O. Blanchard and A. Landier (2002) ‘The perverse effects of partial labour market reform: fixed term contracts in France, Economic Journal, Vol. 112, pp. 214-244.