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ECB's Rehn Says No Clear Signs of Energy-Shock Second-Round Effects

ECB's Rehn Says No Clear Signs of Energy-Shock Second-Round Effects

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Olli Rehn said Wednesday that euro area wage developments remained moderate and showed no strong evidence so far of second-round effects from the Middle East energy shock, while saying the Governing Council would reassess the inflation outlook at its September meeting.

19 August 2026

ECB Tone Meter

Entire Governing Council

27 Members
Very Dovish
Very Hawkish

Executive Board

6 Members
Very Dovish
Very Hawkish

Evolution

Governing Council vs. Executive Board

As of 19 August 2026

ECB Tone Meter

Meeting Bias

ECB Governing Council Meeting