By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Ante Žigman on Saturday said the inflationary consequences of the energy shock would become clear only over the coming months and gave no signal on whether the next interest rate decision should produce another increase or an unchanged stance.

“Uncertainty remains, and the impact on inflation will only be seen in the coming months, as the intensity and duration of the energy shock are crucial,” Žigman, who heads the Croatian National Bank, told Croatian daily Jutarnji List in an interview.

Žigman did not indicate whether available data argued for continuing to hold rates steady or for another hike.

“The objective of monetary policy is to ensure stable inflation in the medium term around 2%, and decisions will be made depending on the data and projections that the ECB will receive in the coming weeks,” he said.