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.