Notes: Non-MFIs include insurance companies and pension funds (ICPFs), investment funds (IFs), and other financial intermediaries (OFIs). MFIs exclude the Eurosystem. Calculations are based on market values. The latest observation is for the third quarter of 2022.
Structural shifts in the broader economy Beyond the changes in financing structures, changes to the broader macroeconomic environment in recent years may have an impact on the transmission of our monetary policy. One example is that a large and growing share of gross value added (GVA) in the euro area is generated in the service sector (Chart 30, left panel).