The answer relates to the physiology of inflation: whether or not these factors are likely to persist into the medium-term and therefore enter the horizon of monetary policy. Temporary movements in the exchange rate or relative price adjustments would not normally warrant a monetary policy response.
We also tasked the Eurosystem committees, together with ECB staff, with accelerating the completion of a new anti-fragmentation instrument for consideration by the Governing Council. Fiscal policy should do its part by guaranteeing sound public finances in the medium term and delivering targeted and temporary support to vulnerable groups in the short run.