• but euro appreciation can influence inflation outlook, and means we have to take this into account for monetary policy

Same stance as Draghi in his presser last week

Sounds like his own presser still going on here

EURUSD a tad lower at 1.3950

  • ECB fwd guidance doesn’t depend on one variable
  • inflation to stay limited even as growth picks up
  • consequences of Ukraine crisis escalation hard to estimate