Analyst Horobin says the ECB's "well placed" phrase first appeared in its March
statement after the attack on Iran. Today's statement gives almost no
explanation for why that judgment still holds. In April the bank partly
attributed the assessment to economic resilience and pre-crisis inflation near
2%. Horobin flags the key question for Lagarde at the press conference: why does
the ECB still consider itself "well placed" given changed circumstances, and
what does that imply for future policy?
