Emmanuel Moulin, a European Central Bank (ECB) Governing Council member, said Eurozone inflationary pressures are “100%” driven by energy shocks and that he does not see second-round effects. He described the geopolitical shock as transmitting into a financial shock, leaving the ECB facing an inflationary shock even as economic growth in the euro area has remained quite resilient. Markets showed little response. The euro was broadly steady, with EUR/USD marginally lower near 1.1190. The ECB’s mandate is price stability, with inflation targeted at around 2%, and policy is set through interest-rate decisions taken at eight meetings each year by the Governing Council.
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