• Exact impact of omicron is highly uncertain
  • Supply bottlenecks, rising commodity prices, omicron spread continue to weigh on near-term global growth prospects
  • Euro area growth is moderating but expected to pick up again strongly in the course of this year
  • Risks to economic outlook are broadly balanced
  • Full report

There isn't anything that stands out here at first glance and that is what you would expect from the ECB at the moment. Even if price pressures are surging, they are still looking to play it cool for as long as they can get away with it.