{"id":38372,"date":"2022-12-05T00:00:00","date_gmt":"2022-12-04T23:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/te-interesa\/articulos\/monetary-transmission\/"},"modified":"2026-04-09T09:48:44","modified_gmt":"2026-04-09T07:48:44","slug":"monetary-transmission","status":"publish","type":"articulos","link":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/","title":{"rendered":"Monetary transmission"},"content":{"rendered":"

In her latest public appearance, the President of the European Central Bank, Christine Lagarde, recalled that official interest rates have already risen by 2 percentage points\u2014the fastest rate increase in the history of the euro\u2014and announced that the institution will recalibrate its long-term refinancing operations and, in doing so, strengthen the transmission of rate hikes to banks\u2019 lending conditions.<\/p>\n

The monetary authority has reiterated its commitment to price stability and has stated that it will do whatever is necessary to ensure that inflation\u2014the main enemy and the most damaging threat to the economy\u2014returns to 2.0% over the medium term. It also acknowledges that this will not be easy and recognises that it will have an economic impact, something we have already begun to see. <\/p>\n

Banks play an essential role in ensuring the smooth transmission of monetary policy measures to the economy. They demonstrated this during more than six years of zero interest rates. The ECB recalls the essential role banks play as transmitters of the new financial conditions in a context of a return to normal monetary policy. <\/p>\n

It should be noted that, in Spain, the increase in financing costs for companies and households is being passed on at a slower pace than in other periods in the past, and the same is true of the normalisation process in the remuneration of savings.<\/p>\n

By contrast, banks\u2019 financing costs in financial markets have risen sharply, so that, as a result of all of the above, net interest margins for Spanish institutions have remained stable throughout this period.<\/p>\n

Financing conditions depend on demand and supply and, while credit flows are being maintained in our country, demand has moderated in the face of the high and multiple uncertainties that exist. Even so, banks remain committed to providing, responsibly, the financing that the economy and households require. <\/p>\n

<\/strong>Jos\u00e9 Luis Mart\u00ednez Campuzano, S<\/strong>pokesperson for the Spanish Banking Association<\/strong><\/p>\n

Download the article<\/a><\/p>\n

<\/strong><\/p>\n

<\/strong><\/p>\n

<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Banks play an essential role in ensuring the smooth transmission of monetary policy measures to the economy. They demonstrated this during more than six years of zero interest rates. The ECB recalls the essential role banks play as transmitters of the new financial conditions in a context of a return to normal monetary policy. <\/p>\n","protected":false},"featured_media":38219,"parent":0,"template":"","etiquetas":[312],"class_list":["post-38372","articulos","type-articulos","status-publish","has-post-thumbnail","hentry","etiquetas-jose-luis-martinez"],"yoast_head":"\nMonetary transmission<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monetary transmission\" \/>\n<meta property=\"og:description\" content=\"Banks play an essential role in ensuring the smooth transmission of monetary policy measures to the economy. They demonstrated this during more than six years of zero interest rates. The ECB recalls the essential role banks play as transmitters of the new financial conditions in a context of a return to normal monetary policy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/\" \/>\n<meta property=\"og:site_name\" content=\"Asociaci\u00f3n Espa\u00f1ola de Banca\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-09T07:48:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aebanca.es\/wp-content\/uploads\/2026\/01\/17-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1709\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@aebanca\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/articulos\\\/monetary-transmission\\\/\",\"url\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/articulos\\\/monetary-transmission\\\/\",\"name\":\"Monetary transmission\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/articulos\\\/monetary-transmission\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/articulos\\\/monetary-transmission\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/aebanca.es\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/17-scaled.jpeg\",\"datePublished\":\"2022-12-04T23:00:00+00:00\",\"dateModified\":\"2026-04-09T07:48:44+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/articulos\\\/monetary-transmission\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/articulos\\\/monetary-transmission\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/articulos\\\/monetary-transmission\\\/#primaryimage\",\"url\":\"https:\\\/\\\/aebanca.es\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/17-scaled.jpeg\",\"contentUrl\":\"https:\\\/\\\/aebanca.es\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/17-scaled.jpeg\",\"width\":2560,\"height\":1709},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/articulos\\\/monetary-transmission\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/aebanca.es\\\/en\\\/home\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Monetary transmission\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/aebanca.es\\\/en\\\/\",\"name\":\"AEB\",\"description\":\"Asociaci\u00f3n Espa\u00f1ola de Banca\",\"publisher\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/aebanca.es\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#organization\",\"name\":\"AEB\",\"url\":\"https:\\\/\\\/aebanca.es\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/aebanca.es\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/LOGO-AEB-menu.svg\",\"contentUrl\":\"https:\\\/\\\/aebanca.es\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/LOGO-AEB-menu.svg\",\"width\":57,\"height\":22,\"caption\":\"AEB\"},\"image\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/aebanca\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Monetary transmission","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/","og_locale":"en_US","og_type":"article","og_title":"Monetary transmission","og_description":"Banks play an essential role in ensuring the smooth transmission of monetary policy measures to the economy. They demonstrated this during more than six years of zero interest rates. The ECB recalls the essential role banks play as transmitters of the new financial conditions in a context of a return to normal monetary policy.","og_url":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/","og_site_name":"Asociaci\u00f3n Espa\u00f1ola de Banca","article_modified_time":"2026-04-09T07:48:44+00:00","og_image":[{"width":2560,"height":1709,"url":"https:\/\/aebanca.es\/wp-content\/uploads\/2026\/01\/17-scaled.jpeg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@aebanca","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/","url":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/","name":"Monetary transmission","isPartOf":{"@id":"https:\/\/aebanca.es\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/#primaryimage"},"image":{"@id":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/#primaryimage"},"thumbnailUrl":"https:\/\/aebanca.es\/wp-content\/uploads\/2026\/01\/17-scaled.jpeg","datePublished":"2022-12-04T23:00:00+00:00","dateModified":"2026-04-09T07:48:44+00:00","breadcrumb":{"@id":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/#primaryimage","url":"https:\/\/aebanca.es\/wp-content\/uploads\/2026\/01\/17-scaled.jpeg","contentUrl":"https:\/\/aebanca.es\/wp-content\/uploads\/2026\/01\/17-scaled.jpeg","width":2560,"height":1709},{"@type":"BreadcrumbList","@id":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/monetary-transmission\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/aebanca.es\/en\/home\/"},{"@type":"ListItem","position":2,"name":"Monetary transmission"}]},{"@type":"WebSite","@id":"https:\/\/aebanca.es\/en\/#website","url":"https:\/\/aebanca.es\/en\/","name":"AEB","description":"Asociaci\u00f3n Espa\u00f1ola de Banca","publisher":{"@id":"https:\/\/aebanca.es\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/aebanca.es\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/aebanca.es\/en\/#organization","name":"AEB","url":"https:\/\/aebanca.es\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/aebanca.es\/en\/#\/schema\/logo\/image\/","url":"https:\/\/aebanca.es\/wp-content\/uploads\/2025\/07\/LOGO-AEB-menu.svg","contentUrl":"https:\/\/aebanca.es\/wp-content\/uploads\/2025\/07\/LOGO-AEB-menu.svg","width":57,"height":22,"caption":"AEB"},"image":{"@id":"https:\/\/aebanca.es\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/aebanca"]}]}},"_links":{"self":[{"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/articulos\/38372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/articulos"}],"about":[{"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/types\/articulos"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/media\/38219"}],"wp:attachment":[{"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/media?parent=38372"}],"wp:term":[{"taxonomy":"etiquetas","embeddable":true,"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/etiquetas?post=38372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}