The European Central Bank won’t be swayed from a first interest-rate cut in June by oil price uncertainty, Governing Council member Francois Villeroy de Galhau said. According to the Bank of France governor, even if conflict in the Middle East did push up oil costs, policymakers would have to first analyze if such a shock fueled underlying prices and inflation expectations. That means there’s no “mechanical” reaction, he said in an interview with Les Echos published Sunday. Asked if uncertainty could delay the start of monetary easing, he said “no — unless there is a surprise, we must not wait too much.” ECB ... (full story)