ECB preview: warming up for December

What seemed to be a rather boring ECB policy meeting could turn out to be more interesting than initially thought. High inflation , higher interest rates and a weakening growth outlook make a complicated mix of data for the ECB. W e don’t expect any policy decision to be announced next Thursday , although another “technical tapering” is possible in light of the further increase in inflation . ECB president Lagarde is likely to stress again the temporary nature of the many cost shocks, but she may provide some color to what extent the ECB’s assessment of the medium-term outlook for inflation has changed.