European Central Bank Governing Council member Pablo Hernandez de Cos said the effect of unprecedented interest-rate increases since July 2022 is still filtering through to the euro-zone economy.
“If some months ago we had some doubts about the speed and strength of monetary-policy transmission, today we can say in very categorical way that transmission to financial conditions is very strong,” the Bank of Spain chief said Monday in Madrid. “A very significant part of the transmission of monetary policy is still pending.”
- Read more: ECB’s Guindos Still Sees Substantial Transmission to Economy
