2 Badinger, H., “Growth Effects of Economic Integration: Evidence from the EU Member States”, Review of World  Economics, Vol. 141, No 1, pp. 50–78, 2005. 3 In nominal terms. 4 Goethe, J.W., Wilhelm Meister’s Years of Travel or The Renunciants, translated by H.M.Waidson, John Calder  (Publishers), 1982. 4/4  BIS central bankers' speeches
Meanwhile, we must remain alert to the longer lags in the transmission of monetary policy to growth and inflation. It will be important to assess how monetary policy decisions to date are working through the economy when calibrating further decisions. Chart 4: ECB policy rates are being passed through into lending rates Source: Eurostat.