ECB’s Kaasik: Further Tightening Needed If Inflation Risks Materialize

Kaasik's framing keeps the ECB's next move conditional rather than committed, which matters for euro-area rate expectations and, by extension, the cost of capital that underpins tokenized real-world asset yields. The emphasis on second-round effects signals the bank's concern is wage and services persistence, not headline energy swings. Whether other Governing Council members echo this conditional tightening bias, or push back toward a pause, is the open question for markets tracking euro rates.