ECB Governing Council Member Sjeijpen: Energy Shock Is Fairly Persistent

The value here is less in the diagnosis than in who is voicing it: an ECB Governing Council member framing energy as a persistent shock keeps the inflation debate anchored to supply-side pressures rather than a passing spike. That matters for euro-area rate expectations, which have been sensitive to any hint that policymakers see price pressure as durable. No policy signal was offered, so the open question is whether this language hardens into the Council's formal stance or remains a single member's view.