In examining the international transmission of our monetary policy, I will focus on four dimensions: first, the external balance; second, the exchange rate; third, global liquidity conditions; and fourth, international financial flows. [4]  Monetary policy and the external balance Chart 1 shows the evolution of the current account balance and the trade balance for the euro area.
html Martin Wolf, A matter of interest - the battle over monetary policy. Financial Times, 27 July 2022, https://on.ft.com/3JbVKc8  5/5  BIS - Central bankers' speeches