In doing so, I shall provide examples of the dependency of the monetary transmission on structural change and point out some identification problems that arise. 2.1  Exchange rate channel  Concerning the exchange rate channel, there are theoretical arguments for its strength having either increased or decreased in recent years.
Compared with the March 2016 ECB staff macroeconomic  BIS central bankers’ speeches  1  projections, the outlook for real GDP growth has been revised up for 2016 and has remained broadly unchanged for 2017 and 2018.