- Inflation won't be as transitory as forecast some months ago
- Omicron variant a factor of uncertainty but won't derail recovery
- Inflation risk moderately to the upside
- But inflation to be below target for 2023, 2024
- Inflation will depend on evolution of energy costs
- Oil price has recovered
He's trying to appease both sides of the crowd but the bottom line is that while he acknowledges that inflation pressures are more persistent, they are still within the ECB's "control". It's going to be a real test in the months ahead to see how they can keep that resolve.
