Key quotes

"If we react strongly to inflation in the near term, we would likely cause economic growth to cease."

"It is better to look at inflation in the long-term and see what it will be in 2023, 2024."

"We will have the time to respond in March and later meetings if the situation appears significantly different from it currently seems."

Separately, Ignazio Visco, an ECB policymaker, stated that "the monetary policy stance is still expansionary, but the gradual normalization of monetary policy will continue at a rate consistent with the economic recovery" and "changes in the outlook for prices."