ECB board member reviews seven years of monetary policy

Isabel Schnabel, a member of the European Central Bank's Executive Board, spoke at the ECB Conference on Money Markets in Frankfurt. She described the past seven years as an extraordinary period for monetary policy. According to her, inflation moved from persistently low levels to recurrent inflationary shocks. She said the ECB shifted from a historically accommodative stance to the fastest tightening cycle in its history. She also pointed to fragmentation and geopolitical tensions as factors shaping the global economy.