- It isn't easy to say if ECB policy is already restrictive
- Still far away from claiming victory in inflation battle
- Sees risk that markets will underestimate inflation
- The broad disinflation process has not yet started
That's fairly hawkish sounding but it does fit with some recent commentary from the central bank itself. I mean, they need to keep the door open for further policy moves after March so this is pretty much to build that expectation just in case.
