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ECB’s de Guindos Says ECB Right to Keep Cool Head Amid War Shock

ECB’s de Guindos Says ECB Right to Keep Cool Head Amid War Shock

By David Barwick – FRANKFURT (Econostream) – European Central Bank Vice President Luis de Guindos on Sunday said the current inflation shock was very different from that of 2021 and 2022 and that the ECB had been right to wait before deciding on any interest rate hike.

3 May 2026

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May 3

ECB’s de Guindos Says ECB Right to Keep Cool Head Amid War Shock

ECB’s de Guindos Says ECB Right to Keep Cool Head Amid War Shock

By David Barwick – FRANKFURT (Econostream) – European Central Bank Vice President Luis de Guindos on Sunday said the current inflation shock was very different from that of 2021 and 2022 and that the ECB had been right to wait before deciding on any interest rate hike.

3 May 2026

May 2

ECB’s Rehn: ECB Must React Quickly if Price-Wage Spiral Signs Emerge

ECB’s Rehn: ECB Must React Quickly if Price-Wage Spiral Signs Emerge

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Olli Rehn on Saturday said the ECB would have to react quickly and decisively if higher energy prices began feeding into wages and other prices and inflation expectations started rising.

2 May 2026

May 1

ECB’s Nagel: ECB Should Respond in June if Outlook Fails to Improve Markedly

ECB’s Nagel: ECB Should Respond in June if Outlook Fails to Improve Markedly

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Friday said the ECB should respond in June if the inflation outlook did not improve markedly, warning that developments were less favorable than assumed in the central bank’s earlier baseline scenario.

1 May 2026

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April 30

March 25

ECB Tone Meter

Entire Governing Council

27 Members
Very Dovish
Very Hawkish

Executive Board

6 Members
Very Dovish
Very Hawkish

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Governing Council vs. Executive Board

As of 30 April 2026

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ECB Governing Council Meeting

Insights

ECB Insight: Lagarde Knows Which Way This Is Going, But Conflict’s Duration Still Matters

ECB Insight: Lagarde Knows Which Way This Is Going, But Conflict’s Duration Still Matters

By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde succeeded with great skill in making Thursday’s hold by the Governing Council sound hawkish and cautious at the same time. She made clear why, absent a favorable turn in the Middle East war, the next serious policy question is likely to be when the ECB tightens, not whether it still needs to.

30 April 2026
ECB Insight: The ECB Holds, but Does Not Relax

ECB Insight: The ECB Holds, but Does Not Relax

By David Barwick – FRANKFURT (Econostream) – As expected, the European Central Bank did not raise rates on Thursday, but it did not use the announcement of its rate decision to make the hold sound comfortable.

30 April 2026
ECB Insight: The Own-Goal of the ECB’s Quiet Period

ECB Insight: The Own-Goal of the ECB’s Quiet Period

By David Barwick – FRANKFURT (Econostream) – The European Central Bank’s quiet period is intended to steady market expectations about monetary policy decisions by prohibiting communication in the seven days before a Governing Council meeting. In the current environment, it has the opposite effect, and that is just one of its drawbacks.

30 April 2026
ECB Insight: How Lagarde Can Make a Hold Sound Hawkish (and Why She Should)

ECB Insight: How Lagarde Can Make a Hold Sound Hawkish (and Why She Should)

By David Barwick – FRANKFURT (Econostream) – The European Central Bank does not need to feel obliged by markets on Thursday into explicitly validating June rate hike expectations, let alone a 50bp move. But after the latest inflation expectations data and Tuesday’s market reaction, a dovish tone from ECB President Christine Lagarde would fit the moment poorly, even if sounding overly hawkish would also carry risks.

29 April 2026