More than that, if some banks’ access to the interbank market is impaired, these may have to pay very high rates. As a result money market rates may rise significantly above the MRO rate, thereby impairing the starting point of the monetary policy transmission mechanism. Covered bonds Well-functioning securities markets more generally play a crucial role in the monetary transmission mechanism.
2  BIS Review 143/2010  Slide 2 Inflation rates of proteins  Of course, this is not sufficient to draw any inferences about the structural nature of protein price inflation. Slide 3 presents the results of the decomposition of the three price level series.