“At some point, policy needs to be driven by upcoming risks rather than being backward-looking,” European Central Bank (ECB) Chief Economist Phillip Lane said in a Financial Times (FT) interview on Monday.

Additional quotes

But that is once we are sure inflation is in line to hit 2% target.

There is a little bit of distance to go in that regard.

Services inflation needs to come down further.

Once disinflation process is completed, monetary policy needs to be forward-looking.

As data dependence falls down in priority, the new challenge will be to assess incoming risks.

That will still be done on a meeting-by-meeting basis.