• The risk of inflation staying above target for longer is higher
  • ECB will do everything necessary to secure stability for economy, financial markets

The headline remark adds to earlier comments from Villeroy and Rehn, offering some pushback or at least an attempt to gather more flexibility with regards to tightening policy. It's no coincidence as policymakers are trying to afford themselves enough room after having somewhat committed to ending APP in Q3 yesterday.

But if anything else, this doesn't exude confidence whatsoever that they know what their next step is.