ECB’s Sleijpen: Iran shock more persistent than previously thought

The significance lies less in the admission of persistence than in who is saying it: a Governing Council member conceding that a geopolitical shock is outlasting the initial assumption, which nudges the Iran conflict from a transient risk premium into something closer to a standing input for euro-area policy thinking. Because Sleijpen offered no policy implications, the market read is left deliberately open, and that gap is itself informative. The open question is whether other ECB voices echo the same persistence language, which would signal the framing is shifting from one official's view toward a broader reassessment.