ECB Governing Council member Kazaks said upside inflation risks still dominate and the ECB can afford time to analyse inflation trends, so immediate rate moves are unnecessary. He warned rising oil and gas prices are likely to keep CPI elevated, while recent government bond sell‑offs may begin to curb activity. Kazaks said policy is clearly geared toward tightening, the central bank is not behind the curve, but inflation risks exceed growth downside risks and the trade‑offs will become increasin

ECB Governing Council member Kazaks said upside inflation risks still dominate and the ECB can afford time to analyse inflation trends, so immediate rate moves are unnecessary. He warned rising oil and gas prices are likely to keep CPI elevated, while recent government bond sell‑offs may begin to curb activity. Kazaks said policy is clearly geared toward tightening, the central bank is not behind the curve, but inflation risks exceed growth downside risks and the trade‑offs will become increasingly difficult amid high uncertainty.