ECB's Schnabel didn't get the dovish memo

• It is now becoming increasingly likely that, in the medium term, inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term will approach our 2% target from above, not below
• Reversing the current exceptional measures has the potential to mitigate inflationary pressures
• We are currently witnessing the strongest labour market in the history of the single currency

This speech reads a bit like something that was written before the invasion so I'm inclined to take it with a grain of salt. That said, the ECB's inflation-only mandate is clear and this conflict is undoubtedly inflationary -- at least in the short term.

These comments sharply contrast with the heads of the Greek and Austrian central banks who earlier were out with comments suggesting the ECB holds off through year end on ending QE.