ABSTRACT. Mohanty and Scatigna remark that growing global financial in- tegration has influenced monetary policy in important ways. Boháček and Mendizábal analyze the propagation of monetary policy shocks through the creation of credit in an economy. Bhattacharya says that the most important part of the monetary policy framework in a country is the task mandated to the monetary authorities. Camen claims that money markets and financial markets in general continue to be thin and segmented. Carbo et al. remark that financial exclusion has emerged as a concern for policy-makers on both sides of the Atlantic in recent years.