The thread running through the arguments, to which I will come back in my concluding remarks, is that MAP can certainly play a prominent role in the euro area, both structurally and in today’s situation, and that special care must be taken in operationalising it to exploit the synergies with MIP and MP. 1.
High reliance on banks  One key common denominator of the euro-area economies is that they rely heavily on bank finance. Financial markets and non-bank intermediaries are less developed than in the US or the UK, and typically do not fully compensate for shifts in the supply of bank credit.