- ECB Governing Council member Olli Rehn said the Middle East energy shock has not yet passed through to other prices or wages.
- Rehn warned that the longer the Middle East conflict continues, the greater the risk that energy price increases spread more broadly.
- Rehn stressed the need for vigilance because such effects can emerge gradually and unnoticed.
Quotes
“Such effects can emerge gradually and unnoticed”
“The longer the conflict in the Middle East continues, the greater the risk that the rise in energy prices will spread more broadly.”