BNP Paribas SA economists say a persistent energy-price shock coupled with eurozone economic resilience makes ECB hikes in September and again in December possible. They expect the ECB to raise rates next week and may upgrade its growth and inflation projections, which would bolster arguments for tighter policy. Rising energy costs and firm activity increase the risk of second‑round effects, though current evidence is limited; policymakers still view inflation risks as tilted to the upside.