Commodity-price volatility The increase in a broad range of commodity prices over the past few years suggests a combination of very favourable and mutually reinforcing factors. These include robust global economic growth and the slow increase in supply of many commodities.
In July, the Governing Council introduced the Transmission Protection Instrument (TPI). The TPI is a very powerful tool that will support the effective transmission of the ECB’s single monetary policy across all countries of the euro area as monetary policy is normalised. The euro area has been at the epicenter of strong and successive fragmentation episodes.