However, first of all, banking happens in a very complex environment in which no simple causalities apply. In addition, banks are often faced with rather idiosyncratic situations and challenges. More importantly, causalities and responsibilities are not one and the same.
While euro-area monetary policy causes alterations in many parts of the economy, its mandate also prescribes clear responsibilities – price stability is an overarching goal. Rather, the transformed landscape urges banks to concentrate on their own responsibilities. Banks still play an important role in the market economy. Nevertheless, they are also part of it.