- Can't rule out stagflation after Russian attack
- War will delay second-round effects in euro area
- Monetary policy must be gradual, patient
- Move towards neutral stance is necessitated and welcome
Just some token remarks. We're yet to see any firm communique by the ECB ahead of next month's meeting and given the circumstances, I don't think we will get any major clues until then. But as inflation risks continue to ramp up, policymakers will surely have to provide more clarity as to which path they are going to be leaning towards.