ECB's Kazimir just dropped some interesting takes on their inflation strategy. First off, he's noticing that currency fluctuations aren't hitting consumer prices as hard as their models predicted – the FX passthrough effect seems weaker than expected.

But here's where it gets tricky: he's warning against over-engineering policy responses every time inflation ticks up or down by small amounts. That kind of reactive approach just creates more uncertainty in the market, which nobody needs right now.

The real shift? Staying alert to upside risks is back on the priority list. Translation: they're more worried about inflation running hot again than undershooting their targets. Worth watching how this plays into their rate decisions going forward.