As the euro area has a predominantly bank-based financial system, changes in the composition and strength of banks … crisis, in a context of financial market stress and weak bank balance sheets, unconventional monetary policy measures have … non-standard measures were successful in stimulating lending and which bank business models were more strongly affected …

policy instruments employed by the European Central Bank since 2014. The following main findings emerge from the analysis …

). Finally, we use bank fundamentals to estimate the cost of equity for unlisted banks. In general, unlisted banks are found to …