ECB's Villeroy: We need to aim to be more predictable with our communication

• Inflation is now too fast and possibly persistent
• Inflation rate may half by the middle of the year

On the headline remark, he's not wrong as there has been quite a lack of consistency since Lagarde's press conference two weeks ago. A lot of that has been cleared up now but it really should not have needed to be that complicated to begin with.