In some of those countries the euro is only used as a private mean of transactions, mainly as an investment currency; in some other countries the link exists through exchange rate policy. In some other countries, the euro has been introduced as a de facto currency (euroisation).
The future policy rate path will continue to be data dependent. In July, the GovC also announced a new instrument – the so-called Transmission Protection Instrument (TPI) – with the aim to support the effective transmission of monetary policy. The TPI can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the eurozone.