Gas prices still about 40% above pre-war levels led Isabel Schnabel to argue the euro zone has not returned to normal despite the recent drop in oil prices.
Crack spreads at roughly twice pre-war levels, sticky core inflation and lingering pipeline and supply-chain strains underpin her warning that inflation risks remain alive.
July 22-23 is still nominally in play for another ECB rate hike, but markets have increasingly scaled back tightening bets as energy prices eased and some policymakers turned less hawkish.
Pierre Wunsch struck that softer note on the same Rome panel, saying the war-driven energy shock has largely faded from market pricing and oil and gas could return to or fall below pre-war levels.
The split highlights a live Governing Council debate over whether easing energy markets justify a pause or whether heat, El Nino and low Rhine water levels could revive price pressure.