In order to ensure an adequate transmission of monetary policy to financing conditions in all euro area countries, the fragmentation of euro area credit  BIS central bankers’ speeches  1  markets should decline further and the resilience of banks must be strengthened where needed.
The comprehensive assessment by the ECB, which is now well underway, will make an important contribution in this regards. It should also foster transparency of banks’ balance sheets and strengthen confidence in the banks, thereby supporting a revival of bank credit in the euro area.