European Central Bank (ECB) Executive Board member Isabel Schnabel said on Friday that the ECB's monetary policy has not been dominated by fiscal policy in recent years and that it "pursued its price stability target with great determination, providing credible evidence of monetary dominance." Schnabel also pointed to the ECB's Transmission Protection Instrument (TPI), which was introduced to ease the monetary policy transmission, arguing it helped "preserve the incentive for sound fiscal policies." She stressed the need to develop a "future-proof fiscal policy" in order to keep monetary policy independent. "Fiscal ... (full story)