Remarks by ECB policymaker, Pablo Hernandez de Cos

  • Will closely monitor inflation performance
  • Currently not seeing second round inflation impact

Basically the same mantra that they have been repeating for many a time now but there is at least some acknowledgment that inflation may "surprise" them. We'll see how things go in the months ahead but I reckon we'll be headed towards a more challenging test of their patience/resolve rather than the other way around.