For instance, do stock-market crashes or sudden and substantial currency depreciations constitute interruptions to normal functioning? What must be the depth of these adjustments in order to consider them deviations from normality? When does a “credit crunch” become disruptive? Unfortunately, neither economics nor experience gives an unequivocal answer to these questions. Still, any answer has necessarily policy implications.
At € billion in 2020 versus € billion in 2019, there was little year-on-year change in income from participating interests. Expenditure from the pooling of monetary income rose by € billion owing to the allocation of the monetary expense arising from TLTRO-III operations in the Eurosystem according to capital share.