ECB Official Warns Against Sharp Monetary Tightening Despite Rising Energy Costs

European Central Bank Governing Council member Jannis Stournaras warned against abrupt monetary policy tightening in the eurozone, advocating for cautious measures even as inflation significantly exceeds the ECB's target. Stournaras highlighted concerns about expensive oil and gas prices affecting the economic outlook. The ECB, which sets monetary policy for the 19 countries using the euro including Slovakia, typically aims to keep inflation around 2 percent through interest rate adjustments and other policy tools.