Research on the bank lending channel and the effectiveness of our credit easing programme is particularly welcome and was well represented at our workshop. Let me briefly review two contributions with particular relevance for the euro area: The paper by Boeckx and co-authors studies the response of bank lending to firms to credit easing measures.
They find a positive effect for the most constrained banks, provided that they have a sufficiently high capital buffer. Poorly capitalised banks do not respond to the credit support measures.