He's cranking up now

  • ECB's mandate is price stability, not stability of core inflation

  • Effects of oil prices on inflation will shrink

  • Gap between core and headline inflation will shrink

  • ECB must take a medium-term view

  • ECB has no FX target

  • ECB does not want to raise rates prematurely

  • We don't want to make the mistake of prematurely raising rates again

  • Must not over-interpret the monthly data

Peter Praet also up;

  • We are not yet sufficiently confident that inflation will converge to levels consistent with our aim in a durable manner

  • Eurozone cyclical recovery is gaining momentum