ECB accounts: Some members viewed it as important to act on policy without undue delay

• So as to demonstrate the ECB's determination to achieve price stability
• Members widely expressed concern over high inflation numbers
• Many of the upside risks to inflation outlook that was discussed last summer had materialised
• Members pointed out it was hard to imagine sustained higher inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term without increase in wage pressures
• The notion of "some time" should not prevent timely rate rise if conditions so warranted
• Full account

I think it is clear enough that the ECB is arguably unanimous in proceeding with a July rate hike. That said, it was expressed that "even relatively small steps might be sufficient to turn the current accommodative monetary policy stance into a restrictive stance". That's something to consider when it comes to viewing how aggressive the central bank is going to be in the months ahead.

I mean, when you consider stagflation risks and a looming recession, the point being made about reaching the neutral level "only at a very late stage of the normalisation process" may not necessarily mean the ECB could afford to hike continuously without interruptions this year.

All this are but some food for thought for the coming months, in any case.