ECB policymaker Makhlouf said he seriously considered a rate increase at this week's meeting but supported the decision to hold. He said he remains uneasy about current inflation and that upside risks persist, writing: "I am uneasy about current inflation. Upside risks to inflation remain; we must stay vigilant and closely monitor developments." He said ahead of the ECB's December meeting he will closely watch four areas: whether the energy shock persists and whether current second‑round effects

ECB policymaker Makhlouf said he seriously considered a rate increase at this week's meeting but supported the decision to hold. He said he remains uneasy about current inflation and that upside risks persist, writing: "I am uneasy about current inflation. Upside risks to inflation remain; we must stay vigilant and closely monitor developments." He said ahead of the ECB's December meeting he will closely watch four areas: whether the energy shock persists and whether current second‑round effects are fading or intensifying; whether food, goods and services prices show broader indirect impacts; wage trends; and financing conditions.