ECB chief economist Lane said elevated euro-area energy costs have not yet produced a clear second‑round inflation effect and the strength of pass-through to other sectors remains uncertain. "So far we have not seen a very strong second‑round effect. We will continue to monitor this. While I advocate scenario analysis, it is too simplistic to categorise the situation as simply adverse or baseline," he said.

2026-10-06

ECB chief economist Lane said elevated euro-area energy costs have not yet produced a clear second‑round inflation effect and the strength of pass-through to other sectors remains uncertain. "So far we have not seen a very strong second‑round effect. We will continue to monitor this. While I advocate scenario analysis, it is too simplistic to categorise the situation as simply adverse or baseline," he said.