The study looked at how changes in monetary policy affect credit risk for businesses in the Euro Area from 2000 to 2015. They found that when the European Central Bank tries to boost the economy with more money, it can actually increase the risk of businesses not being able to pay back their debts in the short term. This was especially true after the financial crisis in 2009. However, when the Central Bank focuses on long-term economic expectations, the negative effect on credit risk disappears for countries hit hard by the crisis.