For example, the term “cashflow channel” itself began as reference to households and adjustable-rate mortgages (Di Maggio, M., Kermani, A., Keys, B.J., Piskorski, T., Ramcharan, R., Seru, A. and Yao, V. (2017), “Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging,” American Economic Review, Vol. 107, No 11, pp.
They also need to deal with the transformation to a more digital-based business model. How do you think Brexit will affect the financial markets and the building of the banking union? The banking union per se will not be affected much because the UK was not part of it from the start.