: monetary policy and its asymmetric spillovers in a globalised world, " international journal of central banking ; and degasperi, r., hong, s. and ricco, g. ( 2020 ), " the global transmission of us monetary policy, " warwick economics research paper series, no 1257. 24. see barsky, r., boehm, c. e., house, c. l. and kimball, m. ( 2016 ), “ monetary policy and durable goods ”, federal reserve bank of chicago, working paper, no. 2016 - 18, 2016. for the euro area, see peersman, g., and smets, f. ( 2005 ), “ the industry effects of monetary policy in the euro area ”, the economic journal, 115 ( april ), 319 – 342. 25. the estimated impact refers to the average across a set of models used by the ecb for policy simulations, including the nawm - ii model ( coenen, g., karadi, p., schmidt, s., and warne, a. ( 2018 ), “ the new area - wide model ii : an extended version of the ecb ’ s micro - founded model for forecasting and policy analysis with a financial sector “, working paper series, no 2200, ecb ), the ecb - base model ( angelini, e., bokan, n., kai, c., ciccarelli, m., and zimic, s. ( 2019 ), “ introducing ecb - base : the blueprint of the new ecb semi - structural model for the euro area ”, working paper series, no 2315, ecb ), the mmr model ( mazelis, f., motto, r. and ristiniemi, a. ( 2022 ), “ monetary policy strategies in a low interest rate environment for the euro area ”, forthcoming ), as well as the standard projection - based tools. 26. in some countries, households have also become more exposed to market - based finance with the rise of non - bank mortgage providers that are funded by markets rather than by deposits. 27. see also cappiello et al. ( 2021 ) non - bank financial intermediation in the euro area : implications for monetary policy transmission and key vulnerabilities, ecb occasional paper no 270 28. see slacalek

, like all of us, his fair share. then his unique qualities worked wonders. i would like particularly to mention three examples : • wim ’ s firm position in the 1980s and 90s, when there were dramatic periods of increased tension and outright crisis and, notably, in 1992 and 1993. • the influence he exerted in the delors committee, taking action at all crucial moments to permit the effective delivery of what became the blueprint for the single currency. • equally, wim ’ s influence at the european monetary institute under the chairmanship of alexandre lamfalussy and as president, where the crucial decisions to prepare effectively the single currency were wisely taken, including the decision that the ecb should have all its accounts in euro from the outset, which owed a lot to wim. in july 1997 wim became the second president of the emi and in june 1998 the first president of the european central bank. we found ourselves in a deeply sceptical environment. some global media, influential commentators, analysts and observers were betting on our presumed incapacity to deliver effectively in all important circumstances : namely to start the new currency on time on the first working day of january 1999, to make the immense new money market a reality for 11 economies and countries, and then 12, and to have it functioning perfectly from day one, to introduce smoothly euro banknotes and coins on 1 january 2002 for the 307 million people of the euro area and, overall, to keep the promise made to the same 307 million fellow europeans that the new currency would be at least as good, reliable and credible as each of the national currencies, including the most credible ones, such as the guilder. all this was done, to the highest professional standards and with outstanding success, by the full body of the team of the european central bank, by the full body of the eurosystem with all twelve national central banks under the captainship of wim. on these occasions wim made history, and demonstrated two other major qualities, on top of the three i have already mentioned. first, a capacity to lead a team with a fantastic team spirit, in particular the executive board and the governing council, and second, an exceptional ability to keep his nerve in some highly demanding and extremely hostile environments. all the members of the european system of central banks who are present here would say as i do : “ thank you wim, from the bottom of our hearts, for having guided us so skilf