• Should take moderate, careful steps in adjusting policy
  • So as to not suffocate the as of yet incomplete recovery
  • There is a case for central bank to accompany the recovery with a light touch
  • Inflation outlook has pitfalls on both sides
  • Need to be certain that removing accommodation will not trigger market turmoil

His full speech can be found here but the headline remark is more or less the key takeaway in all of this. He elaborates further about the two-sided risks to the inflation outlook and how the ECB policy steps could be detrimental if they move too early. If anything else, it doesn't sound like they are in a hurry to act unless inflation forces their hand but then again, other governing council members also have their own thoughts on the matter.