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Lagarde: Will Speak Soon On Mon Pol Transmission; Haven't Discussed TPI Use

ECB
Q: Do you think the Transmission Protection Instrument(TPI) can be used when tensions jeopardise monetary transmission? Could you consider adjusting the pace of the reduction in APP?
  • A: I will be giving a speech soon about monetary policy transmission. We are beginning to see transmission of our monetary policy through the credit channel. This is what we expected.
  • We have not yet had to decide whether financial conditions would qualify for using TPI. That could be the case, but we have not discussed that at all. Nor did we discuss anything on the partial reinvestment of APP.

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