It could be argued that there may be changes in the nature of the credit channel of monetary policy, which can be divided into a “bank lending” and a “borrower balance sheet” channel. The nature of the traditional bank lending channel is probably changing progressively owing to technological innovations, which have significantly enhanced the ability of banks to grant credit.
Overall conclusions  EMU is based on the conviction that Europe can derive strong benefits from a “culture of stability and confidence” in which there is a clear allocation of responsibilities to different policy-makers. Monetary policy has made its contribution to achieving this aim. Price stability is ensured and inflation expectations have been well anchored in the medium and long-run.