Schnabel
  • Risks are growing that current high inflation is becoming entrenched in expectations
  • Inflation could stay at painfully high levels for a considerable period of time
  • The urgency for monetary policy to take action to protect price stability has increased in recent weeks
  • Risks are rising that current high inflation is becoming entrenched in expectations
  • We have to underline more forcefully our determination and commitment to protect our primary mandate
  • It is time to put an end to the measures that were activated to fight low inflation
  • Underlying price pressures can be expected to persist for as long as global supply and demand imbalances do not improve visibly
  • Labour market conditions in the euro area continue to tighten
  • The share of companies in the euro area reporting labour as a factor limiting production is now higher than ever before
  • Full text

I can't see this speech combined with Lagarde's monumental shift to be anything other than a coordinated effort at the ECB to signal a higher, longer path of interest rates.

I think market participants are so blind to ultra-low ECB  inflation  messaging and dovishness that they can't see these speeches for what they are: A call to arms.

Lagarde storm meme