- Russia-Ukraine war does not justify return to "whatever it takes" policy style
- Energy prices have started to decline but remain very volatile
- Russian credit default would have very limited consequences for global finance
Yeah, and inflation was also just supposed to be transitory no? Pfft. I know it's his job to try and play things cool but this is a bit too dense. The euro area outlook has deteriorated quite markedly in the past few weeks and with surging inflation and consumption being impacted, it is hard to see how there is "no risk" whatsoever of a downturn.