ECB's Schnabel says March projections to partly reflect Iran shock; monetary policy is in a good place; Must monitor persistence of energy price shock

• Creating a European safe asset doesn't imply issuing more debt.

Schnabel's comments highlight concerns about the persistence of energy price shocks, which suggest that the ECB may need to remain vigilant in assessing their impact on inflation and growth. His view that monetary policy is 'in a good place' indicates a current confidence in policy settings, but attention to future risks could influence rate expectations depending on how energy prices evolve. This context may also have implications for the euro and fixed income assets as markets gauge the ECB's responsiveness to ongoing volatility in energy costs.