With the inflation spiral looming, ECM must act ahead of time as the market holds its breath awaiting a rate hike in June.

⑴ European Central Bank Governing Council member Santos Pereira stated clearly on Saturday that the current core concern is inflation, and action must be taken "the sooner the better" to avoid greater second-round shock effects. ⑵ Citing historical lessons, he said that once an inflation spiral forms, he is more inclined toward "rapid and decisive" intervention, hinting that next week's ECM meeting may not rule out the possibility of supporting a rate hike. ⑶ The final decision will be anchored to the latest ECM member country data and price trends. Market expectations for a June rate move have risen sharply, and short-term volatility in the euro faces a reassessment. ⑷ From a trading psychology perspective, the council member issuing a hawkish signal in advance is aimed at guiding the market to digest the tightening path, preventing a later phase of passive tightening from triggering a liquidity crunch.