ECB's Nagel says oil prices are not the only indicator, but have become more relevant over the past four years

Is not so concerned by labour market developments Says monpol being conducted in between structural ambiguity and forward guidance Does not see much uncertainty in markets about what drives the ECB's policymaking decisions Says rates are still in neutral territory; cannot exclude needing to go into mildly restrictive territory Hopes that the ECB never has to activate the TPI tool Adds that the TPI tool is not about individual countries' fiscal issues Not seeing significant second round effects, though core inflation is still too high ECB remains vigilant