• There is every reason to believe that we will do another 50 bps in March
  • After that, we will see
  • We are data dependent, we will decide meeting by meeting what to do
  • We will do more hikes if necessary to return inflation to 2% target in a timely manner
  • "It will take what it will take"
  • Full transcript

The forward guidance isn't anything new and that will make inflation data over the next two months a key focus to watch in Europe. The next test will come from the numbers later this week.