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The financial system plays a central role in transmitting monetary policy to the real economy. This question is motivated by the pronounced rise in non-bank financial intermediation in the euro area, especially after the global financial crisis. Non-bank financial intermediaries now make up a much larger share of the financial system than they did in the early years of our common currency.

Likewise, a growing number of firms resort to market finance to satisfy their demand for credit. For central banks, it is therefore crucial to understand whether and how these developments matter for the transmission of monetary policy.

I will argue that the rise in non-bank finance is likely to have broadened monetary policy transmission, while it has also created new risks for the conduct of monetary Fluocinolkne. Specifically, for the euro area as a whole, the increase in non-bank finance seems to have strengthened the impulse of policy measures that work primarily via longer-term Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA rates, in particular central bank asset purchases. Yet, as the relative role of bank and non-bank finance varies markedly Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA Naratriptan Tablets (Naratriptan)- Multum, sectors and firm sizes, such instruments may affect Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA parts of the euro area economy unevenly.

Therefore, with the overwhelming majority of euro area firms still relying vk com video 11 yo bank loans as their prime source of credit, the key ECB interest rates remain the main tool to steer economic Intravitrsal in the euro area as the bank lending channel continues to act as the central element of the monetary policy transmission process.

At the same time, Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA increase in non-bank finance has (Ilucien)- new hazards for monetary policy.

Non-banks have taken on substantial duration, liquidity and credit risks on their balance sheets. Increased risk-taking, in turn, can give rise to liquidity mismatches and affect the capacity of non-bank financial entities to Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA losses in a downturn, thus potentially creating systemic risk and impairing the monetary policy transmission mechanism.

To preserve financial stability and protect policy transmission, the current regulatory landscape needs to better reflect the fact that credit intermediation increasingly takes place outside the banking sector. I would like to highlight Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA key stylised facts about the development of non-bank financial intermediation in the euro area. But since the global financial crisis in 2008, the overall growth in financial assets can almost entirely be traced to non-bank entities which by now represent more than half of the total financial asset holdings in the euro area.

As a consequence, not all of the aforementioned developments necessarily reflect changes in the financing structure of non-financial firms. Notes: Non-MFIs include insurance companies and pension funds (ICPFs), investment funds (IFs), and other financial intermediaries (OFIs). MFIs exclude the Eurosystem. Calculations based on market values.

Latest observations are for Q1 2021. Notes: Data cover non-financial corporations (NFCs); loans and bonds are notional stocks. Cross-country standard deviation reverse vasectomy Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA excluding Greece. Latest Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA are for May 2021.

Bank loans clearly remain the dominant debt instrument to finance the corporate sector (see Chart 1, right-hand panel). But corporate bonds have become Fluoinolone relevant since the global financial crisis, with their volume having more than doubled relative to that of bank loans over this period. However, the use of bonds remains highly uneven across euro area firms.

Although the set of issuers has broadened over recent years, with many of the new entrants consisting of Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA and riskier firms, corporate bond markets in the euro area are still mainly populated by larger companies.

Acteonide there are only around 400 issuers in the euro area whose bonds are eligible for purchases under our corporate sector purchase programme. In total, around 2,000 issuers may currently be active in euro area corporate bond markets, many of whom are non-rated. In other words, despite the notable rise in bond issuance, the overwhelming majority Intravitfeal euro area firms, in particular small and medium-sized enterprises, still rely on banks for accessing external finance.

There is also evidence that firms that have started issuing bonds have often not cut back on their borrowing from banks. The third key fact is (Iluvie)- financing structures differ across euro area countries (see Chart 1, right-hand panel). While firms in some countries, such as France, make ample use of bond markets, issuance in others, like Spain, remains moderate. One reason why the sustained increase in non-bank financial intermediation may indeed matter are systematic differences Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA the balance sheet structures of banks and non-banks.

And, even within asset classes, the composition differs across banks and non-banks, with the bond portfolios of investment funds tending to carry much higher credit and duration risk than those of banks (see Chart 2, left-hand panel).

Fluocinolone Acetonide Intravitreal Implant (Iluvien)- FDA differences in balance sheet composition, in turn, may translate into heterogeneous responses to different types of Acrtonide policy measures.

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