As a result, a number of interest rates, especially shorter-term rates, have declined significantly, offsetting, at least to some degree, the effects of the financial turmoil on the cost of credit. However, as community bankers are no doubt aware, that offset has been incomplete.
European Central Bank (2022a). ECB (European Central Bank) Staff Macroeconomic Projections for the Euro Area. September 2022. European Central Bank (2022b). Financial Integration and Structure in the Euro Area. April 2022. European Central Bank (2022c). Update on Economic, Financial and Monetary Developments. Economic Bulletin 03/2022. April 2022. European Court of Auditors (2021). Special Report: Resolution planning in the SRM (Singe Resolution Mechanism), 01/2021.