[European Central Bank Governing Council Kazaks: If the energy situation persists, further tightening of monetary policy may be necessary] On November 10, ECB Governing Council Kazaks stated that monetary policy still needs to maintain a certain hawkish stance and must remain vigilant and cautious to control inflation without excessively damaging the economy and prevent energy inflation from spilling over. If the energy situation persists, the inflation rate may significantly exceed 4% in 2027, which may require further tightening of monetary policy. The ECB does not need to slow down or stop quantitative tightening. Rising government bond yields could weigh on the economy, with pressure on French government bonds reflecting a reassessment of fiscal risks.