By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Madis Müller said on Friday that leaving interest rates unchanged did not mean the outlook had not changed, adding that it had been “quite the opposite.”

In an interview with Estonian radio Äripäev, Müller, who heads the Eesti Pank, said that “[t]he fact that we once again did not change interest rates does not mean that everything is now calm or that the outlook has not changed.”

In fact, he said it had been “[q]uite the opposite” because developments in the Middle East had “already had a very strong impact on energy prices.”

He added that for the ECB it is key to know how long this surge in energy prices could last, the duration of the conflict, and the extent to which it will have second-round effects, he said.

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