ECB Governing Council member Kazaks said that despite a geopolitical easing after a US-Iran deal, euro-area inf risks remain tilted to the upside. He said the key question is no longer just energy prices but whether the energy shock has transmitted into the wider economy via higher inf expectations. Kazaks said the ECB can act gradually, signalling openness to pause and monitor energy prices and economic data over the summer, but that the bank is prepared to take action again if necessary.