ECB Governing Council

20 July 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

4 July 2025 – We've reranked National Bank of Belgium Governor Pierre Wunsch as distinctly less hawkish than he had been. Wunsch in recent weeks has repeatedly made uncharacteristically dovish comments, suggesting a shift in his outlook that we think he would not deny.
1 July 2025 – We have replaced Klaas Knot with new De Nederlandsche Bank Governor Olaf Sleijpen. We have by default assigned Sleijpen, who is a fully fledged member of the ECB Governing Council as of today, his predecessor's relatively hawkish ranking, but will closely monitor his pronouncements in case another ranking would better reflect his monetary policy views.
11 June 2025 – Moderately hawkish though he was when the ECB was tightening policy, Latvijas Banka Governor Mārtiņš Kazāks has consistently sounded much less so throughout the easing part of the cycle. Also in light of his latest comments in an interview with Econostream, we have reranked him as slightly dovish.