欧洲央行-细节问题_欧元区贷款定价和货币政策传导（英）-2025.7_64页_3mb

Summary

This study analyzes how the maturity of the relevant risk-free rate affects the pass-through of monetary policy changes to lending rates in the euro area. By using detailed AnaCredit data covering nearly seven million loans, the research highlights cross-country variations in lending practices, such as the prevalence of fixed- versus floating-rate loans. Key findings show that loans tied to shorter-maturity risk-free rates experience stronger pass-through to interest rates, while banks adjust the premium component to partially offset this effect, smoothing overall lending rate changes. This heterogeneity in transmission provides critical insights for monetary policy effectiveness across the euro area.