Maintaining a flow of credit to SMEs was particularly important because they employ 72% of the euro area’s labour force and have significantly higher gross job creation (and destruction) rates than large enterprises. Conclusions Let me conclude. I have focused on the narrower question of whether inequality can be affected by monetary policy.
More evidence has to be collected before we can produce robust stylised facts. 13  See, for example, Richard Clarida, Jordi Gali and Mark Gertler (1999), “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661–1707, December.