Philip R. Lane, member of the Executive Board of the European Central Bank (ECB), stated in an interview with “Le Temps” on September 15, 2026, that the current energy crisis is experiencing a second wave of price increases, notably in oil and gas, which is extending inflation in Europe.
According to him, this second wave is causing inflation to be higher and more persistent than initially expected in March, when a peak was anticipated in June before improvement. Now, inflation is expected to remain elevated until mid-2027 before returning toward the ECB’s target.
Philip R. Lane specifies that this increase will affect energy prices, including electricity, as well as food and goods prices, while service prices remain contained for the moment.
Regarding the European economy, he highlights a certain resilience despite heightened geopolitical risks. He mentions support from public spending, such as the German infrastructure plan and the Next Generation EU program, as well as the positive impact of artificial intelligence on some European companies.
Finally, he emphasizes that resolving the energy crisis remains uncertain, but markets anticipate improvement by the end of the year, without a full return to normal.