23 Moreover, as evidence by Kristin Forbes and colleagues for the U.K. economy shows, there are indications that exchange rate fluctuations originating from monetary policy shocks display a relatively limited pass-through to consumer prices. 24 Notwithstanding a forceful response, monetary policy can only be one element of an encompassing policy mix.
Other policy domains, both at national and European level, have to step up to their responsibilities to transform the prevailing uncertainty into a positive scenario.