ECB governing board member Bini-Smaghi is on the wires saying that the ECB will stay vigilant until they see concrete signs on inflation coming lower. Apparently a $60 decline in oil is not concrete enough amid a wage-grab by the European unions based on a tiny economic “boomlet” last year. Avoiding second-round effects remains their major concern as the Bank deals with financial instability via liquidity provision rather than monetary policy.