ECB's Lane says he is comfortable that hiking rates makes sense under milder scenario

Open minded to looking through shocks if they are not long lived. Even if oil is falling, think food will keep going up. Hike aims to contain spread of energy shock. Current situation is a medium shock. Tightened last week from a position of firming neutral. Think upper end of neutral has crept up to 2.5% from 2.25%. Does not want to yank rates around. Employment stable and real incomes keep going up. Euro appreciation still putting a downward pressure on prices. Sees a prolonged period of high inflation. It is viable for the Federal Reserve and the European Central Bank to pursue divergent interest rate paths.