Governing Council member and Bundesbank president Joachim Nagel said policymakers are ready to act if higher energy costs spread more broadly into prices.
He said the conflict's medium-term effect on inflation is difficult to assess, and the ECB is maintaining a wait-and-see approach for now.
The remarks underscore concern that war-driven energy shocks could complicate the euro zone inflation outlook and future monetary policy decisions.
Beyond interest rates, how can Europe break its recurring cycle of energy crises fueled by distant geopolitical conflicts?
With energy firms posting record profits, are central bank policies punishing consumers while ignoring the real source of inflation?
As the Hormuz blockade triggers global chaos, which developing nations are most vulnerable to a devastating food and debt crisis?