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The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest rates in stressed markets far above those in the core. This has impeded the flow of credit and undermined the transmission of monetary policy. Analysis presented here indicates that the credit channel of monetary policy has broken down during the crisis, particularly in stressed markets, and that SMEs in these economies appear to be most affected by elevated lending rates.Given these stresses, the ECB can undertake additional targeted policy measures, including through additional term loans, collateral policies, and private asset purchases.

Interest rates --- Monetary policy --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Accounting --- Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Public Administration --- Public Sector Accounting and Audits --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Banking --- Monetary economics --- Financial reporting, financial statements --- Financial services law & regulation --- Finance --- Financial statements --- Bank credit --- Credit risk --- Credit --- Public financial management (PFM) --- Financial regulation and supervision --- Money --- Loans --- Financial institutions --- Banks and banking --- Finance, Public --- Financial risk management --- Spain