By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Christodoulos Patsalides said Monday that the economic landscape had become “extremely unpredictable” and that everything could change by December, while stressing the limits of monetary policy in dealing with inflation caused by external shocks.

The Central Bank of Cyprus governor made the comments to reporters in Nicosia after addressing lawmakers.

“The ECB has raised interest rates,” Patsalides said. “Its policy is to make decisions based on the data, but the landscape has become extremely unpredictable; everything could change by December. If inflation stems from other causes, the ECB cannot control it through interest rates.”

“A central bank’s monetary policy cannot solve wars, fiscal problems or supply-chain issues,” he said.