ECB’s Kazimir: Ready to Raise Rates Further If Needed

Kazimir's framing matters because it keeps a tightening bias alive without committing to a near-term move, leaving the ECB in a data-dependent holding pattern. The emphasis on energy as the dominant upside risk, rather than demand-driven pressure, suggests the reaction function remains sensitive to supply shocks that monetary policy cannot easily address. For crypto and RWA markets, the practical read is that the rate path stays uncertain in both directions, so the sensitivity to incoming inflation and energy data is likely to persist. Whether other Governing Council members echo this readiness is the open question.