ECB’s Vujcic Warns Eurozone Growth May Slow in Autumn

Vujcic's framing matters less for the growth call than for the reaction function it reveals: the ECB is explicitly declining to let energy-led rate-path pricing set policy, and treating household income squeeze as the transmission channel to watch. The "for now" qualifier on the current tightening pace is the tell — it preserves optionality without committing to a pause. The open question is whether consumer behaviour actually softens into autumn, since that, not energy prints, is what would force the ECB's hand.