The European Central Bank needs to be “even more conservative” in how it reacts to inflation in order to avoid repeating past mistakes, Governing Council Member Mario Centeno has told CNBC. The central bank is currently under some pressure given that consumer prices have spiked in recent months. Euro zone inflation hit a 10-year high in August, coming in at 3% from a year ago. Rising inflation generally requires a tighter monetary policy, but the ECB has so far insisted that the price increases are temporary and it is not yet time to reduce its pandemic-era stimulus measures. “We were fooled by some news on inflation ... (full story)