ECB’s Kazimir: Rate hikes won’t come immediately, it’s time

  • The risk of inflation staying above target for longer is higher
  • The ECB will do whatever is necessary to ensure the stability of the economy and financial markets

The headline remark adds to Villeroy and Rehn’s earlier comments, offering a step back or at least an attempt to muster more flexibility when it comes to tightening policy. It’s no coincidence, as policymakers are trying to give themselves enough room after making some kind of commitment to end the APP in Q3 yesterday.

But if anything else, it in no way exudes confidence that they know what their next step is.


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