["International Finance, Volume 29, Issue 1, Page 29-43, Spring 2026. ", "\nABSTRACT\nThis paper investigates the overall effect of the European Central Bank's (ECB's) unconventional monetary policies (UMPs) implemented since 2008 on euro area bank retail lending and deposit rates offered to households and nonfinancial corporations. To do so, we use an analytical approach that combines the estimation of the cumulative effects of UMP on key determinants of bank funding costs through daily event study analysis, together with a monthly estimation of the pass‐through to retail rates. In counterfactual simulations, we quantify the full effect of the ECB's UMPs implemented since 2008 on retail lending and deposit rates and systematically explore differences in their effects over time and across euro area countries (France, Germany, Italy and Spain). Our results show that the ECB's UMPs—particularly the measures launched since 2012—significantly lowered retail lending and deposit rates in Germany, France, Spain and in particular in Italy.\n"]