However, the ECB sees it dropping back under the 2% target in the fourth quarter, even if some policymakers question this projection, calling it overly optimistic.
The former Irish Central Bank governor said that, even under this scenario, the sequence of the ECB's moves would follow the bank's guidance. "I find it less likely to think about a scenario where inflation is persistently, significantly above 2%, which would require a serious tightening," he said, adding that wage growth remained unconcerning.
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