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ECB Insight: As September Hike Looms Again, Less Is More for Lagarde

ECB Insight: As September Hike Looms Again, Less Is More for Lagarde

By David Barwick – FRANKFURT (Econostream) – When the European Central Bank’s Governing Council emerged from its June meeting, members’ unspoken “baseline,” we understand, was that there would be no second hike in July but that September would be very live.

21 July 2026

ECB Tone Meter

Entire Governing Council

27 Members
Very Dovish
Very Hawkish

Executive Board

6 Members
Very Dovish
Very Hawkish

Evolution

Governing Council vs. Executive Board

As of 21 July 2026

Meeting Bias

ECB Governing Council Meeting