This has had positive, measurable impacts on Canadians. In the early days of the pandemic, when lenders had a hard time accessing cash, they passed along their higher borrowing costs to the people and businesses who wanted to borrow from them—even as the Bank of Canada’s policy interest rate fell.
12  The full set of the indicators can be found in the ECB’s annual report “Financial Integration in Europe”. 4  BIS central bankers’ speeches  Importance of money markets  I now turn to the more general question of why well-functioning, decentralised money markets are a crucial component of the financial system.