Leonardo Gambacorta is head of the Money and Credit Unit in the Economic Outlook and Monetary Policy Department of the Bank of Italy. He holds a MSc in Economics from Warwick University and a PhD from the University of Pavia. He worked first as a financial analyst in the Supervision Department of Milan Branch of the Bank of Italy before becoming head of the Banking Sector Unit of the former Research Department. In 2002-2003 he spent a period as visiting scholar at the National Bureau of Economic Research. Author of many articles on the monetary transmission mechanism, his other research interests include: the study of the financial structure of the Euro area, banks’ profitability and the business cycle, the links between financial stability and monetary policy, the optimal institutional arrangement for a monetary union. Leonardo Gambacorta’s discussion at the Big Crunch Big Bang event will analyse how monetary policy can help to contain the credit crunch, and draw on the results of the latest Bank Lending Survey for the Euro area, to be disclosed in early November.