Euro zone: Are the usual monetary policy transmission channels at work?

Monetary policy usually works through: The credit and financing channel (bank loans, corporate bonds) thanks to low interest rates and falling risk premia (which is called the risk channel); The wealth channel (fall in the savings rate due to the rise in asset prices); The exchange rate channel. What has occurred since the euro zone switched to a very expansionary monetary policy in 2014? None of these usual monetary policy transmission channels has had any significant positive effect on the economy, as other mechanisms that have cancelled the effect of these transmission channels have appeared. The results of the expansionary monetary policy in the euro zone is therefore rather muted , they are limited to an improvement in the solvency of indebted economic agents.