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“We expect inflation to spike in 2021 from the current negative levels,” the executive board member Isabel Schnabel said on Tuesday.

Additional comments

Just because inflation is as low as it is now, it does not mean it no longer exists.

Globalisation has had a dampening effect on price developments.

Inflation should be bolstered by rising energy prices, expired German tax cut.

There might be a price surge in services if vaccination happens faster.

But such a development should not be confused with a sustained rise in inflation.

This would therefore, not have a material impact on ECB monetary policy.

There are no signs that one should worry about inflation being too high for now.