The ECB admits that the current inflation surge may not require immediate policy tightening. This position is based on its assessment of the nature of price increases and their potential impact on the eurozone economy.

Inflation has exceeded the 2% target amid rising energy prices, but the sustainability of this growth remains a key factor. In the event of a short-term shock, the regulator may refrain from raising interest rates.

At the same time, the risk of secondary effects—pressure on wages and inflation expectations—remains. In such a case, the ECB may move to more stringent measures to stabilize price dynamics.

Final decisions will be based on macroeconomic data, reflecting the regulator's cautious approach in an environment of high uncertainty.