At first glance, this division seems likely to reflect that the national central banks know their own economies best. 9. Contrary to the US situation, the implementation of monetary policy in Europe will not take place at one location away from the centre but, where possible and appropriate, decentrally.
My view is that it is not only a question of when, but perhaps more importantly a question of the trajectory of interest rates following the Fed’s rate hike, i.e. if the subsequent tightening will be shallow or steep.