News

ECB Tone Meter Weekly Update: Governing Council and Executive Board Largely Unchanged Around Neutral

By Marta Vilar – MADRID (Econostream) – Econostream’s ECB Tone Meter showed the Governing Council and the Executive Board remained broadly stable this week, with only a marginal hawkish shift in each that is unlikely to be materially significant.

ECB’s Kazāks: Full Impact of Euro Strengthening Likely to Be Seen Late Spring

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Mārtiņš Kazāks said on Friday that the ECB had yet to see the full impact of the appreciation of the euro, adding that it would likely feed through by this spring.

ECB’s Nagel: Must Continue Balance Sheet Runoff to Preserve Policy Flexibility

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Thursday that the ECB should press ahead with reducing its balance sheet to rebuild policy space and be better prepared for unexpected shocks.

ECB’s Makhlouf: Not Ruling Out Further Cuts or Rate Increases

By David Barwick – FRANKFURT (Econostream) – European Central Bank (ECB) Governing Council member Gabriel Makhlouf on Thursday said he was not ruling out further interest-rate reductions but also did not exclude the possibility that rates could rise, while arguing that inflation was on track to return to the ECB’s 2% target.

ECB’s Schnabel: 28th Regime Could Help Build “Made in Europe” Brand

By David Barwick – VIENNA (Econostream) – European Central Bank (ECB) Executive Board member Isabel Schnabel on Wednesday argued that portrayals of Europe as a continent in decline are “misleading,” and urged policymakers to unlock the Single Market’s potential to give European firms the scale they need to compete globally.

ECB’s Nagel: Won’t Forecast Next Move, “See Merit” in Policy Stance of Recent Months

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Wednesday that he would not try to forecast what the ECB's next rate move would be, adding that he saw value in the monetary policy stance of recent months.

ECB’s Schnabel: Europe Not in Decline, Needs “28th Regime” to Boost Scale

By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Isabel Schnabel on Wednesday argued that the widely cited narrative of a declining Europe is “misleading.”

ECB’s Makhlouf: We Are Not in A Holding Pattern, Meeting-By-Meeting Approach Will Continue

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Gabriel Makhlouf said on Wednesday that the ECB was not on hold with respect to interest rates, citing elevated uncertainty.

ECB Insight: Villeroy’s Departure Could Strengthen ECB’s Message Discipline

By David Barwick – FRANKFURT (Econostream) – François Villeroy de Galhau’s decision to step down as governor of the Banque de France in early June, announced Monday, is being treated as a personal choice to make a laudable move into social service. For European Central Bank communication, the upside may outweigh the costs.

ECB’s Villeroy: Downside Risks to Inflation “A Little Stronger” Than Upside Risks

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said on Tuesday that downside risks to inflation were “a little stronger” than those on the upside, and that the ECB was in a “good position.”

Transcript: Interview with ECB Vice President Luis de Guindos on 6 February 2026

By Marta Vilar – MADRID (Econostream) – Following is the full transcript of the interview conducted by Econostream on 6 February 2026 with Luis de Guindos, vice president of the European Central Bank:

Exclusive: ECB’s de Guindos: Must Be “Very Vigilant” if Chinese Trade Diversion to Europe Grows

ECB’s Lagarde: Meeting-by-Meeting Approach “Serves Us Well” Amid Uncertainty

By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Monday told the European Parliament that policymakers will stick with a data-dependent, meeting-by-meeting approach as global uncertainty remains high.

ECB’s Nagel: No Immediate Need for Action Even if Inflation Falls Below 2% in Coming Quarters

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Monday that there was no need to adjust the ECB’s monetary policy stance even if inflation fell below the 2% target in the coming months.

ECB’s Villeroy to Step Down as Banque de France Governor in June

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Monday announced that he will step down as governor of the Banque de France in early June to take up the presidency of the Fondation Apprentis d’Auteuil.

ECB’s Šimkus: Odds of Cut or Hike as Next Move Are 50/50

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Gediminas Šimkus said on Monday that the chances that the next move would be a hike or a cut were the same.

ECB’s Kocher: Policy Stance “Compatible” With Inflation Objective

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Martin Kocher on Monday said it would take a material shift in the environment for the ECB to reconsider its current stance, arguing that “at the moment, the policy stance is compatible and in line with our objective.”

ECB’s Kažimír: Major Baseline Departure Needed to Recalibrate Policy

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Peter Kažimír on Monday said it would take “a major departure from our baseline scenario” for him to consider changing the ECB's current policy setting.

ECB’s Cipollone: Exchange Rate No Target, but Feeds Into Inflation Projections

By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Piero Cipollone on Sunday said the ECB does not target the euro’s exchange rate, while treating it as an input into the staff inflation outlook that guides policy.

ECB Tone Meter Weekly Update: Governing Council Tone Returns to Marginally Dovish Territory

By Marta Vilar – MADRID (Econostream) – Econostream’s ECB Tone Meter showed the Governing Council turning marginally dovish this week, while the Executive Board was little changed and remained mildly hawkish.