[20] If certain countries are more exposed to financial shocks or disruptions, it could lead to greater divergence in borrowing costs and lending conditions across the euro area, which could in turn affect the effectiveness of monetary policy.
As we know, both parameters vary substantially across euro area countries – for example, the proportion of households holding a mortgage on their main residence varies between around 9% (in Italy and Slovakia) and more than 30% (in Cyprus, Luxembourg, the Netherlands and Finland).