France, Germany, Italy, and Spain. The scenario analysis suggests that the reduction in bond yields due to OMT announcements … Central Bank (ECB). Using high-frequency data, we find that OMT announcements decreased the Italian and Spanish 2-year … government bond yields by about 2 percentage points, while leaving unchanged the bond yields of the same maturity in Germany and …

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 …

evolution of bank credit. We use a unique loanlevel dataset comprising multiple credit registers from several European countries … with borrower and bank-level characteristics and with indicators summarising macroprudential and monetary policy actions …. We find that monetary policy easing increases both bank lending and lending to riskier borrowers, especially when there …