Happy anniversary, BLS – 20 years of the euro area bank lending survey

Petra Köhler-Ulbrich, Maria Dimou, Lorenzo Ferrante and Conor Parle

Economic Bulletin Articles, 2023, vol. 7

Abstract: Since its launch in 2003, the euro area bank lending survey (BLS) has provided valuable early indications for the assessment of bank lending conditions in the euro area. This article reviews the role of the BLS at the ECB over the last 20 years. It highlights that past periods are informative for a better understanding of bank lending conditions in the current monetary policy tightening period and the changing environment in which banks operate. The article also points to the value of the BLS for analysing the impact of unconventional monetary policy measures on bank lending in the euro area, as well as the impact of other measures from supervisory and fiscal authorities. It highlights that both credit risk factors and banks’ balance sheet situation play an important role in the transmission of monetary policy to bank lending conditions, while their actual tightening contribution has varied across historical periods. The article also highlights current challenges facing euro area banks and the need to monitor possible vulnerabilities which may affect the transmission of monetary policy via banks. JEL Classification: E4, E44, E5, E52, G21

Keywords: Bank lending conditions; banks; credit; loan demand; monetary policy transmission (search for similar items in EconPapers)
Date: 2023-11
Note: 2110208
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbart:2023:0007:1

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