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He presented evidence that the scale of trade and financial integration has trended upwards over the last twenty years, so that the potential scale of external and internal spillovers are quantitatively larger today than in the past. He added that, from the perspective of individual member countries, the national impact of the ECBs monetary strategy depends on a host of country-specific factors.
In reviewing the impact of the ECBs accommodative monetary stance in recent years, he emphasised that the external value of the euro has been broadly stable since mid-2015, such that the recovery in the euro area economy has also benefited the rest of the world through positive trade linkages.