Addressing this question is central to understanding how the transmission of monetary policy to the economy as a whole has been affected by the financial turmoil. Indeed, in normal times, the money market plays a central role in the transmission of monetary policy in the euro area.
This additional safety-net will reinforce the stability of our financial system. 4  BIS central bankers’ speeches  •  Another issue that requires our attention is that of domestic systemically important banks, the so-called D-SIBs.