( euribor ) from the end of september 2008 until the end of march this year with changes in short - term bank lending rates, we find that financial institutions have passed on roughly 80 % of their refinancing advantage to borrowers from the corporate sector and around 60 % to house owners. moreover, up to now, this analysis gives no evidence that the interest rate pass - through since fall 2008 is happening more hesitantly than in the period before the crisis. 3. 2 long - run changes as concerns possible long - run changes to the transmission process, it is certainly much too early to draw firm conclusions. hence, please allow me to share some of my thoughts on this issue with you. most obviously, we might see a reversal of some of the changes in the transmission process that took place in the period before the financial crisis. for example, insofar as the importance of securitisation in banks ’ financing declines, changes in the transmission process triggered by securitisation will go partly into reverse. in addition to this, the financial crisis has drawn the attention of researchers and policymakers to a new aspect of the transmission process that might have been neglected in the past : that is the dealing with risk. deutsche bundesbank, monthly report, may 2009. in this context, a debate on a possibly new channel of monetary policy – known as the risktaking channel – has evolved, based on a paper by borio and zhu 5, published in 2008. 6 the risk - taking channel tries to capture the consequences of risk for the monetary policy transmission process by linking two possible perspectives in our financial system : the perspective of financial institutions ( finance perspective ), which emphasises the measurement and evaluation of risk. and the perspective of financial regulators and central banks ( economics perspective ), which focuses on the financing conditions in an economy. as the mechanisms through which monetary policy might influence market participants ’ risktaking are complex, at least three dimensions have been attributed to the risk - taking channel. the first dimension is closely connected to the balance sheet channel which i mentioned earlier. it takes into account the fact that monetary policy might influence the evaluation of collateral, asset prices and cash flows, thereby changing risk behaviour in an economy. according to the second dimension, risk - taking by market participants is influenced via their target returns. more specifically, in the case of rigid nominal target returns, a tight monetary policy can induce a wedge between nominal returns that are achievable in the financial markets

”, bis, working papers no 268. the existence of a risk - taking channel was first discussed several years ago by borio and lowe ( 2002 ), and rajan ( 2005 ). see for example, bis 77th annual report ( 2007 ). standards. as loan characteristics are typically not adjusted for increased risk, banks tend to have a lower risk aversion when low interest rates prevail for a long time. 8 two further research papers that are worth to be mentioned have found evidence of a risk - taking channel for spain and bolivia, using ex ante and ex post loan characteristics to model risk - taking. 9 10 longer - term lessons for monetary policy although, there is a strong need for further research at the risk - taking channel so that the right lessons for monetary policy can be drawn, there are some considerations that we can already take into account. in particular, the notion we obtain from the risk - taking channel about the way monetary policy can influence market participants ’ risk perception supports the call for a more symmetric monetary policy across asset price cycles. such a more symmetric approach would treat boom and bust episodes not as isolated events but would try to look through the financial cycle. to be more specific, a more symmetric policy would also realise implicit risks in times when money and credit growth is dynamic, asset prices go up and risk perceptions decline, possibly creating a need to act despite current inflation rates being sufficiently low. this, however, does not mean that monetary policy should downgrade the price stability objective for the sake of other objectives. rather, it means that central banks should take a longer - term perspective which takes due account of the future inflationary consequences of such unfavourable developments. here, the eurosystem ’ s monetary policy strategy already possesses such a stabilising element, in the shape of its monetary analysis, which is especially suited to analysing longterm developments. the recent financial turmoil has shown that the often - criticised monetary and credit analysis has a valuable role to play in monetary policy analysis. conclusion ladies and gentlemen, today, i have spoken about the challenges that the financial crisis is posing for monetary policy in terms of the transmission process. of course, this is not the only challenge which monetary policy is facing at present. it is, however, a very crucial one, as we should study the transmission process in order to learn from the current financial crisis. research in this field of monetary policy is still in its infancy. nevertheless, there are