ECB’s Escrivá: ‘There Is Obviously a Great Deal of Concern’ About US Tariffs

1 April 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Tuesday that there was a big concern with respect to potential US tariffs because it would represent a change from the current system.

In a statement to media in Madrid, Escrivá, who heads the Banco de España, said that ‘there is obviously a great deal of concern globally and in Europe, among all policymakers, because we are at a paradigm shift about global trade relationships.’

This paradigm shift could potentially be highly disruptive, he said.

The impact that tariffs might have on inflation was something ‘very relevant and concerning which one has to take into account’, he said.

In light of today’s HICP data showing March headline inflation down to 2.2% as expected, Escrivá said that the ECB was getting ‘closer and closer’ to its inflation target around 2%.