Schnabel: Monetary Policy and Geopolitical Fragmentation

ECB Executive Board member Isabel Schnabel delivered a speech discussing the implications of increasing geopolitical fragmentation for monetary policy. She highlighted the potential for supply chain disruptions, increased trade barriers, and shifts in global capital flows to impact inflation and economic growth. Schnabel emphasized the importance of the ECB's vigilance in monitoring these developments and its flexibility in adjusting monetary policy accordingly. She noted that heightened uncertainty necessitates a data-dependent approach to policy decisions.

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