Confronted with these events, many investors started to think that this negative spiral might ultimately lead the affected countries to exit the euro area. As a result, redenomination risk soared and sovereign spreads widened. 2/7  BIS central bankers' speeches  This led to a serious disruption of the monetary policy transmission mechanism and prevented our accommodative policy stance from reaching businesses and households.
(1)  From October 1996 onwards includes "Trade credits", which will subsequently be attributed to capital account, and "Errors and omissions", which will subsequently be shown as a separate item. From October 1996 onwards does not include "Trade credits". In 1996, total for the period from January to September.