[13] This in turn points to relevant differences in the speed at which interest rate changes are passed through to households and firms. Chart 1: Share of fixed-rate loans for households and firms in the euro area (percentages, based on amounts outstanding)  Source: ECB (BSI). Latest observation: August 2022.
Bank lending channel In the euro area’s bank-centred economy, the bank lending channel plays an important role. It covers the transmission through banks to a larger share of firms, also including smaller firms which do not issue bonds, as well as to households. [14] Bank funding costs are the first important element in the bank lending transmission channel.