European Central Bank Chief Economist Philip Lane on Friday said in an interview on Bloomberg TV that the entire Euro area must adapt to high energy prices and warned that "we" are facing new bottlenecks due to lockdowns in China. The Eurozone is not returning to the low inflation path, he noted, adding that the ECB has already done a lot in pulling back stimulus. 

The larger issue, he continued, is not about raising the deposit rate away from -0.5%, but about normalisation, before adding that euro depreciation will be an important element when creating the ECB's next set of projections.