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ECB Wrap: Recap of Week From Saturday 26 July to Friday 1 August 2025

ECB Wage Tracker Points to Ongoing Easing of Wage Pressures

By David Barwick – FRANKFURT (Econostream) – The European Central Bank’s wage tracker shows wage pressures in the euro area continuing to ease, the ECB said Wednesday.

ECB Sees US Tariffs on China Driving Down Euro Area Inflation, Blog Suggests

By David Barwick – FRANKFURT (Econostream) – The imposition of tariffs on Chinese imports entering the US could exert mild disinflationary pressure on the euro area by 2026, according to a new European Central Bank blog post published Wednesday analysing trade diversion dynamics and inflation pass-through.

ECB’s Makhlouf: Can Wait and See Whether We Need to Adjust Our Policy Stance

By David Barwick – FRANKFURT (Econostream) – The European Central Bank can now wait to see whether incoming information dictates a further adjustment of its interest rates, ECB Governing Council member Gabriel Makhlouf said Tuesday.

ECB’s Scicluna to Resume Exercising Duties of Central Bank of Malta Governor

By David Barwick – FRANKFURT (Econostream) – Central Bank of Malta (CBM) Governor Edward Scicluna will resume exercising his duties as governor after a year's absence, the Maltese government said Tuesday in a statement.

ECB’s Kažimír: I Don't Expect Anything that Would Motivate Me to Act in September

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Peter Kažimír on Monday indicated that he was disinclined to cut interest rates again in September.

ECB’s Escrivá: ‘We Are at the End of the Easing Cycle’

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Monday that the ECB was at the end of its easing cycle.

ECB’s Cipollone Avoids Encouraging or Discouraging Rate Cut Hopes, Sees More Clarity in September

By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Piero Cipollone on Saturday indicated that whether the ECB would cut rates again this year was an open question in the context of ‘conflicting signals’ .

ECB Insight: Doves on the Defensive as ECB Sentiment Shifts

By David Barwick – FRANKFURT (Econostream) – In contrast to comments of European Central Bank Governing Council member Mārtiņš Kazāks published earlier Friday, subsequent interventions today by his French and Finnish counterparts – François Villeroy de Galhau and Olli Rehn – added little new insight into the current ECB policy outlook.

ECB’s Nagel: Economic Outlook ‘Slightly’ Improved; Rate Pause Was Appropriate

By David Barwick - FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Friday said that euro area growth prospects were now somewhat better and that the ECB had been right to pause.

ECB’s Rehn: Markets Expect ‘Slightly’ More Easing, We Are ‘Ready to React’

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Olli Rehn said on Friday that financial markets anticipate further easing and that the ECB remains ready to act if needed,

ECB’s Villeroy: Tariffs Unlikely to Be Inflationary, But Strong Euro Is Disinflationary

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said on Friday that tariffs were unlikely to cause inflationary pressures, while the strength of the euro was disinflationary.

ECB Insight: From Dovish to Doubtful – Kazāks Clouds September Outlook Further

By David Barwick – FRANKFURT (Econostream) – In our 6 June interview , European Central Bank Governing Council member Mārtiņš Kazāks appeared to envisage not just one, but at least two more rate cuts. His comments today make clear that this is no longer the case, and strongly support scepticism that there will be further easing seven weeks from now.

ECB’s Kazāks: ‘There’s No Urgent Need to Moves Rates’

By David Barwick – FRANKFURT (Econostream) – The European Central Bank is in no rush to change its key interest rates, ECB Governing Council member Mārtiņš Kazāks said Friday.

ECB’s Müller: Euro Strength Has Not Hurt Euro Area Exports

By David Barwick – FRANKFURT (Econostream) – The appreciation of the euro has not held back euro area exports, according to European Central Bank Governing Council member Madis Müller on Friday.

ECB Insight: Lagarde’s Strategic Ambiguity Continues — And So Might the Pause

By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde struck a somewhat hawkish tone on Thursday, pointing to better-than-expected economic data, dismissing fears of undershooting, and repeatedly declining to encourage expectations of further easing.

Portugal Appoints OECD's Álvaro Santos Pereira to Replace Centeno

By Marta Vilar – MADRID (Econostream) – The Portuguese government has appointed OECD Chief Economist Álvaro Santos Pereira as the next governor of Banco de Portugal, replacing Mário Centeno.

ECB’s Lagarde: We Are ‘In a Good Place to Hold and to Watch How Risks Develop’

By Marta Vilar – FRANKFURT (Econostream) - European Central Bank President Christine Lagarde on Thursday said that the ECB was well positioned to maintain a wait-and-see attitude pending the evolution of the situation over the upcoming months.

ECB Holds Interest Rates at 2%, As Expected

By Marta Vilar – FRANKFURT (Econostream) – The European Central Bank’s Governing Council on Thursday decided to keep its key interest rates unchanged, as widely expected by markets and analysts.

ECB Insight: Waiting for September Amid Trump’s Brinkmanship

By David Barwick – FRANKFURT (Econostream) – Our starting point in considering where the European Central Bank now stands is that we assign only limited weight to US President Donald Trump’s 12 July announcement.