Governing Council member Yannis Stournaras expressed a view on Monday that the ECB must maintain the basic principles of gradualism and flexibility. The policymaker added that the problems the ECB faces are different than that faced by the Federal Reserve.
According to Stournaras, today's inflation in Europe comes from the side of supply and not demand, primarily, is due to imported natural gas from Russia. That, in his opinion, means it cannot be stopped by the normalization of monetary policy alone but will require complementary energy and fiscal policy actions at the European level.