4  6  See Adam, Klaus and Junyi Zhu (2014), “Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area”, Working Papers, No. 14(11), University of Mannheim. BIS central bankers’ speeches  This includes the Comprehensive Assessment of euro area banks. And it includes structural reforms where they have been implemented.
By the same token, structural reforms that increase confidence in economic prospects and encourage entrepreneurs to capitalise on today’s extremely accommodative financing conditions will make our policy commensurately more powerful. Policymakers in the euro area are independent, but the effects of their policies are interdependent.