... interbank rate for Denmark, Switzerland, Spain, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway and the UK, a three-month Treasury bill rate for Belgium, Sweden and the US, and a three-month ... and the Role of Banks in Monetary Policy Transmission in the Euro Area, ” in: Ignazio Angeloni, Anil K. Kashyap and Benoit Mojon (eds), Monetary Policy Transmission in the Euro Area , Cambridge ... “over and beyond” what such changes imply for the path of aggregate demand and inflation (Borio and Lowe 2002, Cecchetti et al. 2000). Proponents of this policy emphasise that episodes of financial...