[15] These pledges mark a significant shift in the ability of US industry to manufacture semiconductors after two decades of dependence on offshore production. [16]  Implications for the EU economy and the ECB’s monetary policy This new state of affairs poses challenges for the EU economy and the ECB’s monetary policy.
In particular, banks that currently have limited access to market financing urgently need to increase their capital and their efficiency. 2  BIS central bankers’ speeches  To sum up, the Governing Council decided to increase the key ECB interest rates by 25 basis points.