Remarks by ECB president, Christine Lagarde

  • We're at the high level of the hump
  • A hump shape eventually declines and we project inflation to decline in 2022
  • Do not know how fast omicron will propagate in the euro area
  • Economic impact will depend on virus measures taken
  • Another virus wave was included in ECB's adverse scenario, we're still in range

Finding new words to describe the notion that they continue to view inflation as being transitory. Given that they will be hoping to increase APP purchases next year, they can't quite "retire" the language just yet.