- Nobody should speculate about the magnitude of the next move
- We did not creata new "jumbo" habit on rates
- Our will and capacity to deliver on mandate cannot be subject to any doubt
He also adds that the a limited recession in the euro area cannot be excluded and that the ECB has decided to frontload rate hikes as inflation is "too high, especially core inflation". Pretty words but the fact is that with economic conditions worsening by the day, their window to tighten further is also closing in on them. The inflation conundrum only serves to make it worse and as much as they won't admit it, they are indeed stuck between a rock and a hard place.
