DNB chief: policy transmission varies across euro area, complicating ECB stance

In a speech, De Nederlandsche Bank President Olaf Sleijpen highlighted that the transmission of monetary policy differs across euro-area countries due to structural heterogeneities, implying that a single policy rate may have uneven effects. This underscores challenges for the ECB in calibrating policy, potentially influencing market expectations of future rate decisions. The speech is analytical, not a policy change, but signals internal ECB debate on policy differentiation.

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