ECB’s Moulin: Must Prevent Inflation From Spreading Beyond Energy

Moulin's framing matters because it draws the line at second-round effects: the concern is not energy prices themselves but whether they bleed into wages and services and force a policy response. Coming from the French central bank chief, the remark signals that Governing Council attention is on inflation psychology rather than the energy shock alone. For euro-area rates and, by extension, crypto and RWA risk appetite, the open question is whether subsequent ECB commentary keeps emphasizing breadth over headline energy moves.