ECB’s Kazaks: Energy Price Shock More Persistent

Kazaks' framing matters less as a fresh data point than as a signal about how the Governing Council is characterising the energy channel internally. Persistent energy costs complicate the disinflation narrative and keep the burden of proof on incoming data rather than on the trajectory already assumed. The open question is whether this language is echoed by other Council members in the coming weeks, which would suggest it reflects a broader shift rather than one official's view.