ECB Governing Council

20 May 2025

This interactive table is built around Econostream's ranking of the 26 members of the European Central Bank Governing Council in terms of hawkishness/dovishness, periodically updated as views evolve. For each member, it also offers a convenient overview of select fundamental data points as well as linking directly to the respective policymaker's latest monetary policy-relevant comments.

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Thoughts

6 May 2025 – Following the publication of yesterday's thought about ECB Governing Council member Yannis Stournaras, he made some remarks in which he refrained from reiterating his expectation of a 2% terminal rate. So, we are glad to have left the Bank of Greece governor's hawk-dove ranking untouched.
5 May 2025 – We have also reranked Bank of Lithuania Governor Gediminas Šimkus, classifying him as clearly more dovish than previously. Šimkus has been one of the most outspoken Governing Council members in advocating policy easing, and has already voiced support for a further 25bp cut in June.
5 May 2025 – It has not escaped us that Bank of Greece Governor Yannis Stournaras has appeared somewhat less dovish than usual lately, insisting even after the US tariff announcement that 2% would be the ECB's terminal rate. Still, we think it is early to entertain even a marginal reranking of a policymaker who has been about as dovish as they come for such a long time.
5 May 2025 – We have reranked Bank of Finland Governor Olli Rehn; while he had been classified as dovish previously, we now show him to be yet more so. This seems warranted by the continued dovish tenor of his monetary policy-related interventions.