• 1. Introduction
  • 2. Transmission mechanisms or channels of monetary policy
  • 2.1 The classification of channels
  • 2.2 The interest rate channel and the channel of relative prices
  • 2.3 The credit channel
  • 3. How different are financial systems in Europe?
  • 3.1 How different can financial systems be?
  • 3.2 How different are those in Europe really
  • 4. Consequences for EMU: Financial systems structures and common monetary policy
  • 4.1 Is there a common reaction to monetary shocks in the different systems?
  • 4.2 Are the different reaction functions likely to be stable?