Governor. The ECB and Its Watchers. "Monetary Policy Transmission and the Banking System"
- "The transmission of the current monetary policy tightening cycle to private-sector financing conditions has been forceful and, in some cases, stronger than would be expected on the basis of historical regularities".
- "A stronger than expected monetary policy impact remains a downside risk to the euro area growth outlook. We should calibrate the degree of monetary restriction accordingly to the materialisation of such risk".
