ECB's Lane says they have a clear orientation for monetary policy conduct. On inflation "...a sufficiently large and persistent deviation from the target requires a monetary policy response, regardless of its origin."

• "In summary, this discussion has emphasised that the appropriate monetary policy response to an inflation deviation from the target is context specific and requires a careful analysis of a broad set of considerations. Of course, the capacity to consider “looking through” some types of inflation deviations depends on a strong institutional commitment to delivering the symmetric inflation target over the medium term, underpinning firmly-anchored medium-term inflation expectations."


• "...a material deviation of inflation from the target calls for a monetary policy response" and "...the appropriate monetary policy is also non-linear, with an incremental adjustment to mid-sized deviations but a more forceful or persistent adjustment to large deviations."


• On inflation, "...a sufficiently large and persistent deviation from the target requires a monetary policy response, regardless of its origin." on the same topic "It is straightforward that small inflation deviations that are not expected to persist do not call for a monetary policy response"

03 Dec 2025 - 10:30- Fixed IncomeImportant- Source: ECB