For instance, it is not certain that the Eurosystem’s balance sheet will go all the way back to the pre‐crisis levels as the future normal.
This may not be the case, especially if the unsecured interbank market continues to shrink thus requiring the Eurosystem to aim at a broader spectrum of interest rates as well as to focus on other types of transmission channels or even other counterparties. In fact, central banks should remain open to ways of addressing future challenges as the financial system architecture evolves.