3 See Draghi, M. (2017), “Monetary policy and the economic recovery in the euro area,” speech delivered at The  ECB and Its Watchers XVIII Conference, Frankfurt am Main, 6 April. 4 See, e.g., Cœuré, B. (2016), “Assessing the implications of negative interest rates,” speech delivered at the Yale  Financial Crisis Forum, Yale School of Management, New Haven, 28 July.
5 See Borio, C. and H. Zhu, (2012), “Capital regulation, risk-taking and monetary policy: A missing link in the  transmission mechanism?”, Journal of Financial Stability, 8(4): 236–251. 6 For empirical evidence, see e.g.