Daluiso, Giuseppe, Papadia, Francesco.
The short answer is a hesitant yes, bordering with a timid no.
The longer answer starts by noting that the mechanism transmitting the monetary policy impulse from the European Central Bank to the economy is, in essence, a chain with three links: first, the official rate(s) of the ECB; second, the rate at which banks fund themselves, i.e. the funding rate; third, the rate at which banks lend to the economy i.e. the loan rate. In normal conditions, moving the official rate produces well-behaved changes in the other two rates and the central bank has a good handle on the cost at which banks fund the activities of households and firms. In crisis conditions, as often emphasized by the ECB, the transmission mechanism is impaired and the link between the official rate, at one end of the chain, and the loan rate, at the other end, is weaker and noisier. In this blog, the attention will be concentrated on the relationship between the official rate and the funding rate. The analysis of the equally important relationship between the latter and the loan rate, which is influenced by bank behaviour and in particular by the on-going deleveraging process, is left for another time. Suffices it to say here that the uncertainty about this relationship adds to the difficulty of the ECB in controlling the loan rate, which is the most important for the real economy. Add, as the experience of the last weeks vividly showed, the influences on European rates coming from across the Atlantic and you have a full picture.
Πηγή: Bruegel