Structural measures that increase the information flow and support the allocation of credit to productive activities can therefore contribute to accelerating the transmission of monetary policy to the real economy. Recent evidence lends support to the idea of a positive relationship between the effectiveness of monetary policy and the efficiency of financial markets.
For instance, a cross-country comparison of the effects of the expansionary balance sheet policies implemented in the euro  1  Bernanke, B.S. and Gertler, M. (1995), “Inside the Black Box: The Credit Channel of Monetary Policy Transmission”, Journal of Economic Perspectives, Vol. 9 (4), pp.