ECB’s Stournaras: Inflation Expectations Firmly Anchored Near 2%

The signal here is about optionality, not direction. By placing conditions between the baseline and adverse scenarios while ruling out second-round effects, Stournaras is effectively describing a policy path with room to move either way — which matters for rate-sensitive pockets of crypto and tokenized real-world assets that trade off the euro-area cost of capital. The open question is whether other Governing Council members echo this framing or push back, since the gap between baseline and adverse is where the next policy decision actually gets made.