European Central Bank Governing Council member and Austrian National Bank Governor Robert Holzmann said that no second-round effects from the Iran war are visible at this time. He noted that indirect price impacts are being monitored very closely, and monetary policy must be aligned with inflation expectations. With the intensity of the conflict changing by the hour and the situation highly uncertain, he said the ECB stands ready to take monetary policy measures whenever necessary. He added that the euro area is weathering this difficult phase relatively well, but the longer the Iran war drags on, the tougher the situation will become, while medium- to long-term inflation expectations remain stable.