ECB'S LAGARDE: GIVEN RECENT EXPERIENCE WITH HIGH INFLATION, ECONOMY MAY BE MORE QUICK TO ADJUST ECB'S LAGARDE: THERE ARE FACTORS TODAY WHICH POINT TO A LESSER PASS THROUGH THAN IN 2O21/22 ECB'S LAGARDE: BROAD PASS-THROUGH FROM ENERGY PRICES IS THE EXCEPTION RATHER THAN THE RULE ECB'S LAGARDE: IF THE SHOCK GIVES RISE TO A LARGE THOUGH NOT-TOO-PERSISTENT OVERSHOOT OF OUR TARGET, SOME MEASURED ADJUSTMENT OF POLICY COULD BE WARRANTED ECB'S LAGARDE: THE CASE FOR ACTION BECOMES STRONGER WHEN DEVIA

ECB'S LAGARDE: GIVEN RECENT EXPERIENCE WITH HIGH INFLATION, ECONOMY MAY BE MORE QUICK TO ADJUST ECB'S LAGARDE: THERE ARE FACTORS TODAY WHICH POINT TO A LESSER PASS THROUGH THAN IN 2O21/22 ECB'S LAGARDE: BROAD PASS-THROUGH FROM ENERGY PRICES IS THE EXCEPTION RATHER THAN THE RULE ECB'S LAGARDE: IF THE SHOCK GIVES RISE TO A LARGE THOUGH NOT-TOO-PERSISTENT OVERSHOOT OF OUR TARGET, SOME MEASURED ADJUSTMENT OF POLICY COULD BE WARRANTED ECB'S LAGARDE: THE CASE FOR ACTION BECOMES STRONGER WHEN DEVIATIONS FROMOUR INFLATION TARGET GROW LARGER AND MORE PERSISTENT ECB'S LAGARDE: WE MUST IDENTIFY WHEN HIGHER ENERGY COSTS RISK SPILLING OVER INTO BROAD-BASED INFLATION ECB'S LAGARDE: MUST PAY CLOSE ATTENTION TO EARLY WARNING SIGNS THAT THE SHOCK IS EMBEDDING IN BROADER INFLATION DYNAMICS