- 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?
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