I hope this conference will provide a good opportunity to exchange our thoughts on the subject and learn from each other’s experiences. Thank you very much for your attention. 4  BIS central bankers’ speeches
ECB staff estimates show that the overall impact on bank profitability of recent monetary policy actions is net positive, compared with a scenario without any monetary policy action.26 [Slide 11: Monetary policy and bank profitability: estimates]. Decreasing net interest income and charges on excess liquidity do put pressure on bank profitability. But there are also two strong positive effects of lower rates.