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ECB’s Nagel: TPI Not About Addressing Specific Countries’ Spread Levels

ECB’s Nagel: TPI Not About Addressing Specific Countries’ Spread Levels

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Thursday that the ECB's Transmission Protection Instrument (TPI) was aimed at ensuring the effective conduct of monetary policy and maintaining price stability, rather than responding to specific sovereign spread levels.

1 October 2026

ECB Tone Meter

Entire Governing Council

27 Members
Very Dovish
Very Hawkish

Executive Board

6 Members
Very Dovish
Very Hawkish

Evolution

Governing Council vs. Executive Board

As of 1 October 2026

Meeting Bias

ECB Governing Council Meeting