Polish central bank governor Glapinski said rising inflation will slow Poland's economic growth.

The ECB is expected to raise its key rate next week — its first move since 2011 — aiming to send a clear signal on inflation. Economists warn the action risks repeating 2011, when two oil-driven hikes were quickly reversed after policymakers misjudged a sovereign-debt-hit euro area, costing the central bank credibility. Sami Char, chief economist at Lombard Odier, said they spent a decade rebuilding trust and risk repeating that error. Holger Schmieding, chief economist at Berenberg, said a June hike may withstand the current shock with limited damage, but further tightening could delay recovery after Iran-related developments and might even push the euro area into a short, avoidable recession.

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