ECB Says July Rate Hike Is a 'Fait Accompli', September Is 'Open'

The transcript discusses the central bank's monetary policy, focusing on the importance of the bank lending survey, projections for September, and core inflation. It highlights the central bank's mandate to maintain price stability and addresses concerns about economic risks, growth projections, and potential stagflation in the eurozone. The discussion also covers inflation, labor market dynamics, and the impact of the services sector and tourism on prices.

What factors are expected to determine the economic situation in September?

Why is credibility important for the central bank in relation to price stability?

What are the potential risks to economic growth mentioned in the text?

How might the labor market dynamics affect core inflation?

What observations were made regarding the performance of services compared to manufacturing?