ECB’s Radev: Rate Hikes Don’t Mean We’re on a Set Path

Radev's framing is the familiar one: hikes are not a commitment to a path, and the ECB wants time for past moves to work through. The interesting part is the asymmetry he flags — upside inflation risks, downside growth risks, and no broad second-round effects yet. That leaves the door open to a pause without declaring victory. Whether the energy shock broadens into wages and services is the variable that will decide how the ECB reads its own next move.