ECB’s Zigman: Eurozone Growth at Risk If Inflation Not Resolved

The pushback on market pricing is the notable part: a Governing Council member explicitly decoupling policy direction from rate-path bets, while simultaneously flagging growth risk if inflation persists and seeing no significant second-round effects. That combination leaves the ECB's reaction function genuinely ambiguous — vigilance on inflation without the wage-spiral evidence that would normally justify tightening. The open question is whether this framing reflects a broader Council view or a minority position, and whether the optimism on growth he cites survives contact with the inflation data.