ECB Governing Council member and Bank of Italy Governor Fabio Panetta said the eurozone economic outlook remains fragile and that monetary policy decisions should be assessed against a range of scenarios in light of a major global realignment. He noted that upside inflation risks and downside growth risks continue to coexist, requiring ongoing monitoring of geopolitical developments, energy markets, supply chains, wages, and inflation expectations. He explained that the June rate hike decision was judged to be robust across various scenarios, and also mentioned the possibility that US-Iran talks could push energy prices below the June forecast.