What can we say about it in practice and how might it have changed over time? 3. Estimates of the overall effect of monetary policy  It is difficult enough to estimate the strength of the monetary policy transmission mechanism in terms of its effect on the economy overall. It is harder still to separately identify the strength of each of the various channels.
You say: systemically, we’re okay… Systemically we are okay. For the functioning of the financial sector, which is a lot in London, as we know, I think most of the players are well prepared now. Do you worry about a big shock, though, to PMIs, to GDP if there is a no-deal Brexit? That would be a big shock to the UK economy.