High reliance on banks  One key common denominator of the euro-area economies is that they rely heavily on bank finance. Financial markets and non-bank intermediaries are less developed than in the US or the UK, and typically do not fully compensate for shifts in the supply of bank credit.
BIS central bankers’ speeches  1  The MAP toolbox is generally thought to operate mainly through the banking sector; this is certainly the case for most of the instruments that we are beginning to explore following the introduction of the Basel III and CRD-IV-CRR regulation.1 Hence, the regime could be both more powerful and more important here than in market-based economies.