- Need compelling evidence to change my view
- We should be very cautious in reacting to small deviations in the projections
- New projections unlikely to show significant change
- Completely relaxed about undershooting next year, inflation will come back
- Risks around the inflation outlook are balanced
Makhlouf reaffirms the ECB's neutral stance here. We've been hearing them saying this stuff over and over again for many weeks. The gist of it is that the ECB won't respond to small or short-term deviations from their 2% target in absence of clear shocks.
