European Central Bank policymaker Gabriel Makhlouf identified a loss of momentum in euro zone economic growth or the possibility that inflation continues to undershoot the ECB's 2% target in a more entrenched manner as two risks to its outlook. "On the undershoot, long-run inflation expectations remain anchored at our 2% target. This does not currently suggest a persistent undershoot dynamic, but we continue to closely monitor developments here," Makhlouf said on his blog on the Irish central bank's website.