By Marta Vilar – MADRID (Econostream) – Econostream’s ECB Tone Meter showed the Governing Council and the Executive Board becoming less dovish this week, with both gauges moving close to neutral.
13 March 2026
By David Barwick – FRANKFURT (Econostream) – If European Central Bank President Christine Lagarde wanted to preserve room to leave the ECB before her mandate formally ends on October 31, 2027, the war with Iran has not closed that option. But it has potentially made using it more awkward.
13 March 2026
By Marta Vilar – MADRID (Econostream) – Following is a collection of views expressed by ECB Governing Council members on various topics of high relevance related to next week’s meeting and the further evolution of monetary policy:
13 March 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde is expected to have the Governing Council watch a David Attenborough-narrated video about the massive cost of the destruction of ocean ecosystems next Tuesday evening, according to a person familiar with the agenda of the upcoming monetary policy meeting.
13 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Vice President Luis de Guindos said on Wednesday that in principle the war involving Iran is likely to have a negative impact on economic growth while also potentially increasing risks to inflation.
11 March 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Peter Kažimír’s intervention on Wednesday stood out not because it was hawkish — why be surprised when Kažimír is hawkish? — but because of how directly it tried to pull the Iran shock into the ECB’s reaction function.
11 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Mārtiņš Kazāks said on Wednesday that the ECB may need to raise interest rates if the energy price shock linked to the war involving Iran risks pushing up inflation expectations.
11 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said on Wednesday that he does not think the ECB needs to raise interest rates at its next meeting, though it remains determined to prevent inflation from becoming entrenched.
11 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Wednesday that the ECB would react “decisively” if the recent energy price surge translated into consumer inflation.
11 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Peter Kažimír said on Wednesday that an interest rate move by the ECB could be closer than markets expected.
11 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank President Christine Lagarde said on Tuesday that the ECB would take whatever action is necessary to prevent inflation from spiraling out of control.
10 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Martin Kocher said on Tuesday that he does not expect the Middle East conflict to push the euro area into recession.
10 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Gediminas Šimkus said on Tuesday that the ECB should remain composed and avoid reacting too hastily to developments in the Middle East.
10 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Madis Müller said on Tuesday that the likelihood of the ECB’s next policy move being a rate hike has increased over the past couple of weeks amid the conflict in the Middle East.
10 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Martin Kocher said on Tuesday that if market expectations regarding the Iran conflict were to materialize, Austria’s economic growth would be 0.25 percentage points lower and inflation 0.5 percentage points higher.
10 March 2026
By Marta Vilar – MADRID (Econostream) – Econostream’s ECB Tone Meter showed the Governing Council becoming less dovish this week, while the Executive Board moved back into slightly dovish territory.
7 March 2026
By David Barwick – NEW YORK (Econostream) – European Central Bank Executive Board member Isabel Schnabel’s speech on Friday at the 2026 U.S. Monetary Policy Forum was unmistakably hawkish, but not in the crude way markets might have expected after a week of surging energy prices and frantic rates repricing.
6 March 2026
By David Barwick – NEW YORK (Econostream) – European Central Bank Executive Board member Isabel Schnabel on Friday said that the shock from the escalation of the Middle East conflict would be more concerning if it proved to be relatively lasting.
6 March 2026
By David Barwick – NEW YORK (Econostream) – European Central Bank Executive Board member Isabel Schnabel on Friday said euro area monetary policy remained “in a good place” but warned that policymakers “cannot be complacent,” with the recent energy shock, tight labor markets and firming demand still posing upside risks to inflation over the medium term.
6 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Olaf Sleijpen said on Friday that the ECB could tolerate a modest overshoot of inflation stemming from higher energy prices linked to the Middle East conflict, just as it could accept a small undershoot.
6 March 2026