Dow Jones - For inflation to fall below 2% in 2009, the ECB staff assumes no or very limited second-round effects along with wage moderation and a fall in the profit margin. These assumptions are questionable. Thus, (President Jean-Claude) Trichet is likely to remain hawkish and most likely at the second highest state of emergency before tightening policy -- that is, the ECB will monitor prices 'very' closely and 'stand ready to counter upside risks to price stability'.