The European Central Bank noted that markets have already incorporated a significant portion of the groundwork for its upcoming actions. It added that future decisions will be taken at each meeting based on economic data. The energy shock has clearly led to a slowdown in inflation, but the bank cautioned against committing to a predetermined interest‑rate path. If a lasting cease‑fire is maintained, price pressures should ease, and no major secondary effects are evident. The current inflation trend has not yet destroyed the stability of inflation expectations.