For instance, a cross-country comparison of the effects of the expansionary balance sheet policies implemented in the euro  1  Bernanke, B.S. and Gertler, M. (1995), “Inside the Black Box: The Credit Channel of Monetary Policy Transmission”, Journal of Economic Perspectives, Vol. 9 (4), pp.
27–48; Peersman, G. and Smets, F. (2005), “The Industry Effects of Monetary Policy in the Euro Area”, The Economic Journal, Vol. 115 (503), April, pp. 319– 42. BIS central bankers’ speeches  1  area between 2009 and 2012 shows that the impact on output was strongest in the countries with the most well-capitalised domestic banking systems.