• Favours steeper reduction in APP portfolio from July onwards
  • Rate cut talk is a "non-starter"
  • Energy price drop has no essential bearing on ECB's medium-term inflation projections

He is a hawk at heart so these comments aren't anything surprising. It will be something if the majority of policymakers at the central bank begin to come around to the same idea but for now, the status quo remains i.e. 50 bps in March and what comes next is still a question mark.