ECB policymaker ESCRIVA said current high energy prices are worrying and, if sustained and trigger second‑round effects, would create larger problems.

The White House is considering loosening rules to allow wider sale of red-dyed diesel to help curb rising fuel prices, two people familiar with the discussions said. The measure could let some buyers avoid most federal fuel excise taxes and has emerged as a leading alternative to a diesel export ban after days of government deliberation; no final decision has been made and Trump is weighing options. Red-dyed diesel is normally restricted to non‑road uses such as agriculture and is largely exempt from federal fuel taxes.

ECB President Lagarde said the shock is large and cannot be ignored, but a calibrated response is appropriate to contain inflation.