Rather, it is to intervene to prevent any abuse of market power. Addressing spillovers Let me now turn to how monetary policy should address spillovers. We must take into account all the relevant information when taking decisions, and that includes developments outside the euro area.
Given the global nature of the shocks we are facing, we need to consider how they are transmitted across markets and economies, alongside the potential spillovers from the policy response to those shocks. This is what we have done.