ECB Vice President Vujcic Says Tightening Cycle Has Begun

Vujcic's framing matters less for the rate path itself than for how the ECB wants its stance read: a tightening cycle is now the baseline, not a one-off move. The split between crude and refined products is the more interesting signal, implying the central bank sees easing input costs without equivalent relief for consumers or downstream margins. Whether that divergence actually holds is the open question, since it determines how quickly headline inflation pressure fades relative to the core measures policymakers watch.