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 judgement 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?