Bank of Spain: Inflation surge is transitory, will allow ECB to keep expansive monetary policy

Bank of Spain comments on the economy

• Foresees recovery of Spanish economy in the short-term
• Key risks include inflation surge, supply chain disruptions
• Recent inflation surge is temporary
• But increased persistence could lead to more intense sustained inflation than anticipated

Pretty much similar to the views shared by its governor, de Cos, yesterday here. Nothing that really stands out as it fits with the ECB sticking to its 'transitory' narrative for the most part while trying to push back against market expectations on rates.