What is Ante Zigman's main warning about the relationship between inflation and economic growth in the euro area?

Ante Zigman warned that failing to bring inflation under control would endanger economic expansion, stating: 'We really need to care about inflation, which also at the end can jeopardize the growth.' He emphasized that while there is 'a lot of optimism for growth' following stronger-than-expected Q2 growth, sustained high inflation — currently above 3% — threatens to undermine that expansion unless it is brought back to the ECB's 2% target.

How does Zigman characterize the current drivers of inflation and the risk of broader price pressures in the euro area?

Zigman characterized the current elevated inflation as 'mostly related to the energy, mostly related to the geopolitics,' noting that such factors 'can be changed in a very short period of time.' He stressed that 'those other segments of inflation are still contained and we don’t see any major second-round effects,' and pointed out that wage growth remains contained, rejecting the idea that the ECB is already in the adverse scenario outlined in its latest outlook.

ECB’s Zigman Warns Growth Is at Risk If Inflation Isn’t Tackled

Sep 17, 2026

ECB Governing Council member Ante Zigman warns that controlling inflation is crucial for economic growth, citing rising oil and natural gas prices as key drivers despite contained wage pressures.

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