Comments from the ECB President in the opening statement
- Rebound in recovery increasingly advanced
- Sees economic activity at pre-pandemic levels at year end
- Delta spread could delay full reopening
- Underlying inflation price pressures building up slowly
- Medium term inflation seen well below target
- Labour market improving rapidly
- Improving business optimism is supporting business investment
- We see the risks to the economy as broadly balanced
- If supply bottlenecks last longer and feed through to higher-than-expected wage rises, price pressures could be more persistent
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The euro treaded water through the opening statement but fell later when she characterized the taper as a 'recalibration'.