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ECB Insight: Villeroy’s Dovish Bias Persists Beneath a Softer Tone

ECB Insight: Villeroy’s Dovish Bias Persists Beneath a Softer Tone

By Marta Vilar – MADRID (Econostream) – Until recently among the European Central Bank Governing Council’s clearest voices in favor of further rate cuts, Banque de France Governor François Villeroy de Galhau has lately sounded unmistakably less eager to beat the drums for more easing.

7 November 2025

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Insights

ECB Insight: Villeroy’s Dovish Bias Persists Beneath a Softer Tone

ECB Insight: Villeroy’s Dovish Bias Persists Beneath a Softer Tone

By Marta Vilar – MADRID (Econostream) – Until recently among the European Central Bank Governing Council’s clearest voices in favor of further rate cuts, Banque de France Governor François Villeroy de Galhau has lately sounded unmistakably less eager to beat the drums for more easing.

7 November 2025
ECB Insight: "Judgment Over Models" Meets the 2028 Projection Horizon

ECB Insight: "Judgment Over Models" Meets the 2028 Projection Horizon

By David Barwick – FRANKFURT (Econostream) – Following Thursday’s decision to leave interest rates alone, European Central Bank Governing Council policymakers wasted little time signaling that the December Eurosystem staff projections – the first to include 2028 inflation – should not be over-interpreted.

31 October 2025
ECB Insight: Lagarde Refreshes, Not Revises, the Message

ECB Insight: Lagarde Refreshes, Not Revises, the Message

By David Barwick – FRANKFURT (Econostream) – It was just as well that the European Central Bank on Thursday also decided to move to the next phase of the digital euro project, which to some degree filled the vacuum left by a monetary policy decision notably short on actual news.

30 October 2025
ECB Insight: The Non-Event, or Patience as Policy

ECB Insight: The Non-Event, or Patience as Policy

By David Barwick – FRANKFURT (Econostream) – The European Central Bank’s policy meeting looks set to be a deliberate non-event designed to blend seamlessly into a series of non-events: rates on hold, no pre-commitment, and the same disciplined message that has dominated for months. Optionality to be preserved, not exercised.

28 October 2025

ECB Tone Meter

Entire Governing Council

26 Members
Very Dovish
Very Hawkish

Executive Board

6 Members
Very Dovish
Very Hawkish

Evolution

Governing Council vs. Executive Board

As of 7 November 2025

ECB Tone Meter

Meeting Bias

ECB Governing Council Meeting