TREE NEWS update: European Central Bank Governing Council member and Bank of Slovenia governor Primoz Dolenc said no second-round inflation effects have been observed so far. He said the labour market is no longer as tight and that the ECB must remain vigilant on inflation data. Dolenc said policy is moving toward a restrictive stance and that the ECB has tools including the Transmission Protection Instrument, which it will use if needed.
ECB’s Dolenc: No Second-Round Inflation Effects Seen Yet
AI take
Dolenc's remarks matter less as a policy signal than as a window into how the Governing Council is framing risk: the absence of second-round effects, combined with a loosening labour market, gives the ECB room to treat inflation as contained rather than entrenched. The explicit nod to the Transmission Protection Instrument is the more telling detail, since it signals that fragmentation risk, not just price data, remains part of the reaction function. Whether wage data validate the no-second-round view is the open question.
Generated by AI for reference only.
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