What happened
European Central Bank Governing Council member Rehn said the European economy should continue to expand at a steady but modest pace.
He attached a condition to that outlook: the scenario holds as long as energy shocks do not intensify.
Why it matters
The remark frames energy conditions as the main risk hanging over the euro area's growth path, rather than domestic demand or policy.
By describing the expected pace as steady but modest, the comment signals that policymakers see no sharp acceleration ahead under current conditions.
Key facts
Rehn is a member of the ECB Governing Council.
Rehn said Europe's economy should keep growing at a steady but modest pace.
That outlook depends on energy shocks not worsening.
What to watch next
Whether energy shocks escalate, which Rehn identified as the condition that would undermine his growth expectation.
Any further comments from ECB officials on how they assess the euro area's growth trajectory.
