Such access is especially powerful for the poor as it provides them opportunities to build savings, make investments and avail credit. Importantly, access to financial services also helps the poor insure themselves against income shocks and equips them to meet emergencies such as illness, death in the family or loss of employment.
In the absence of any firm evidence of a New Economy in the euro area - although some driving forces are to some extent in place - and since the emergence of a New Economy is not driven by monetary policy, the Eurosystem did not take the risk of pre-emptively accommodating it.