Recently, the introduction of the single currency in Europe has been seen to coincide with changes in investment and financing habits. As central bankers, we in the European System of Central Banks monitor these developments closely for their potential impact on monetary transmission.
The relative importance of banking systems vis-à-vis financial markets as a source of corporate finance still varies in the euro area economies. So, consequently, does monetary transmission, although not to a degree that would hamper the single monetary policy. BIS Review 54/2001  1  On the contrary, we see euro-area-wide disintermediation generating further convergence towards a truly European monetary transmission mechanism.