{"id":788172,"date":"2026-05-11T06:27:15","date_gmt":"2026-05-11T06:27:15","guid":{"rendered":"https:\/\/www.europesays.com\/us\/788172\/"},"modified":"2026-05-11T06:27:15","modified_gmt":"2026-05-11T06:27:15","slug":"ecb-policymaker-de-guindos-says-comparison-to-energy-price-shock-in-2021-22-is-not-right","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/788172\/","title":{"rendered":"ECB policymaker de Guindos says comparison to energy price shock in 2021-22 is not right"},"content":{"rendered":"<ul data-v-6bf95c48=\"\">\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">I think the inflation risk is lower this time around<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">I think that we were late to act in 2021 and 2022<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">One reason was that we had too much of an academic discussion about the drivers of inflation<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">Academic discussions are good at university and in academic fora but in central banking, you have to take decisions<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">We have to wait before deciding on the next interest rate move<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">Need more clarity about the conflict in Iran<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">My impression is that the data on growth over the coming weeks are not going to be good<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">Energy shock is usually reflected in inflation indicators much more rapidly than in growth indicators<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">That\u2019s why I would call for prudence, we need additional clarity with respect to the conflict<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">I have never tried to pre-empt the rate decision<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">Let\u2019s see the data over the coming weeks, let\u2019s see the projections, let\u2019s see what happens with the conflict<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">Markets\u2019 response has been quite calm and that is a positive thing<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">A big repricing in asset markets would have been very detrimental, amplifying the impact of the energy shock<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">Fiscal space is quite limited in the euro area at a time when we need to increase defence spending<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\">Overlooking this risk would be a mistake<\/li>\n<li class=\"text-align-justify\" data-v-6bf95c48=\"\"><a href=\"https:\/\/www.ecb.europa.eu\/press\/inter\/date\/2026\/html\/ecb.in260511~3fa2df2fa9.en.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"article-link\" data-v-6bf95c48=\"\">Full transcript<\/a><\/li>\n<\/ul>\n<p class=\"text-align-justify\" data-v-6bf95c48=\"\">As a reminder, de Guindos will be seeing his term end at the end of this month. So, he can be a bit more bold with his commentary as is the case with all policymakers when they are set to depart from the central bank.<\/p>\n<p class=\"text-align-justify\" data-v-6bf95c48=\"\">So far, he&#8217;s not saying too much though but is preaching patience and being more prudent. But in the bigger picture, I&#8217;m sure he knows very well too that <a href=\"https:\/\/investinglive.com\/centralbank\/the-ecb-is-stuck-between-a-rock-and-a-hard-place-20260430\/\" target=\"_blank\" class=\"article-link\" data-v-6bf95c48=\"\" rel=\"nofollow noopener\">the ECB cannot sit by idly for too long<\/a> amid the shock to the inflation outlook.<\/p>\n","protected":false},"excerpt":{"rendered":"I think the inflation risk is lower this time around I think that we were late to act&hellip;\n","protected":false},"author":3,"featured_media":788173,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,79,67,132,68],"class_list":{"0":"post-788172","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-united-states","11":"tag-unitedstates","12":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116554527416794722","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/788172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=788172"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/788172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/788173"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=788172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=788172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=788172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}