The even transmission of monetary policy The smooth and even transmission of our monetary policy across the euro area is required to preserve the singleness of monetary policy and achieve our mandate of price stability. Changes in financing conditions that go beyond the level merited by fundamental factors undermine the achievement of that objective.
This is not to suggest that there should be no scope for a more constructive dialogue, especially in areas where the difference between fact and perception is negligible. As it should be, the Managing Director espouses the view that the Fund must be trusted to give even-handed advice and fair representation to all its members.