With these significant developments in mind, I would like to raise three current issues concerning the conduct of monetary policy. The first issue concerns the effects of unconventional monetary policy and its transmission channels.
Macroprudential space The experience of the initial phase of the pandemic illustrated the importance of having sufficient releasable capital buffers in the banking sector. When the pandemic struck in early 2020, macroprudential authorities in the euro area had little room for manoeuvre to release macroprudential capital buffers.