[24] ,[25] Recent research by ECB staff suggests that our unconventional monetary policy measures, particularly the credit easing programmes, have played a role in supporting cross-border lending by euro area banks. [26] In response to the ECB’s accommodative monetary policy, euro area banks operating internationally have reallocated funds abroad within their respective banking organisations.
In turn, the greater supply of eurodenominated funds outside the euro area has supported euro-denominated lending by banks outside the euro area. [27]  Chart 9 Currency composition of outstanding amounts of international loans in selected major currencies (percentages; at Q4 2018 exchange rates)  Source: “The international role of the euro”, ECB, (2019).