Institutional environment and monetary transmission in the euro area: a cross-country view (in Dutch)

This paper provides a brief overview of the main issues at stake related to institutional structure and monetary transmission in Europe. We argue that differences in institutional arrangements, both economic and legal, are potential causes of differences in monetary transmission mechanisms among European countries. Moreover, the paper provides circumstantial evidence that in the (near) future financial structures and institutions in the Eurosystem, and hence monetary transmission mechanisms, will converge further. Institutional structures related to anti-inflationary policy stance of the European Central Bank may therefore result in a more US-style financial structure, but differences related to legal and economic structures are sticky and will, for the time being, remain.