By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Olaf Sleijpen said Tuesday that the ECB had yet to learn how much inflationary pressure might still be on its way.

Sleijpen, who heads De Nederlandsche Bank, told Bloomberg TV on the margins of the ECB Forum on Central Banking in Sintra, Portugal, “A decline in the oil prices now, of course, is from an inflation point of view definitely good news. But it remains to be seen what is still in the pipeline.”

Second-round effects “haven’t really” manifested for now, but policymakers are attentive to the possibility they will yet appear, he said.

“We know that wages are lagging, so let’s see when the first trade unions will come with their demands what they will be,” he was quoted by the agency as saying. “That’s another thing that at least personally I’ll definitely be looking at.”