The role of national central banks in accountability and in promoting transparency within the ESCB will be that of communicator to national decision-makers, labour market participants and the general public regarding the analyses and views of the ECB, but also specifically regarding the domestic monetary policy transmission mechanism.
Illiquid assets, maturity mismatches between assets and liabilities and leverage amplify the force with which problems of one intermediary are pushed through the complex network of exposures. Sizable amounts of debt relative to capital and short-term funding have more dramatic effects in situations of stress.