ECB chief economist Lien said that when evaluating the impact of the second round of energy shocks on the economy, the ECB's adoption of a moderate policy response is an appropriate choice to control inflation. She said that oil and gas prices soared for the first time since the outbreak of the war in Iran, and the Eurozone economy showed resilience beyond expectations. However, a new round of pressure on energy prices not only poses an upward risk of inflation, but may also drag down economic growth, so close attention is needed. In addition to continuously evaluating the transmission process of the first round of shocks, it is also necessary to determine whether the second round of shocks will have a stronger impact on economic activity and inflation dynamics than the first round. Our monetary policy is still in the 'middle path'. Adopting a moderate policy response will help keep inflation at a reasonable level. The ECB has raised interest rates twice to ensure that medium-term inflation falls back to the target level of 2%. Although policymakers, including Lien, said that the current rise in energy costs has not affected inflation expectations, they remain wary, and economists and financial markets expect the ECB to further tighten policy.

ECB chief economist Lien said that when evaluating the impact of the second round of energy shocks on the economy, the ECB's adoption of a moderate policy response is an appropriate choice to control inflation. She said that oil and gas prices soared for the first time since the outbreak of the war in Iran, and the Eurozone economy showed resilience beyond expectations. However, a new round of pressure on energy prices not only poses an upward risk of inflation, but may also drag down economic growth, so close attention is needed. In addition to continuously evaluating the transmission process of the first round of shocks, it is also necessary to determine whether the second round of shocks will have a stronger impact on economic activity and inflation dynamics than the first round. Our monetary policy is still in the 'middle path'. Adopting a moderate policy response will help keep inflation at a reasonable level. The ECB has raised interest rates twice to ensure that medium-term inflation falls back to the target level of 2%. Although policymakers, including Lien, said that the current rise in energy costs has not affected inflation expectations, they remain wary, and economists and financial markets expect the ECB to further tighten policy.