ECB’s Vujčić: ‘Would Agree That We Are Nearly Done’

7 June 2025

ECB’s Vujčić: ‘Would Agree That We Are Nearly Done’
Boris Vujčić, governor of the Croatian National Bank, at the European Central Bank Forum on Central Banking in Sintra, Portugal on July 2, 2024. Photo by the ECB under CC BY-NC-ND 2.0.

By David Barwick – DUBROVNIK, Croatia (Econostream) – The European Central Bank is close to the end of its monetary policy easing cycle, ECB Governing Council member Boris Vujčić said Saturday.

In remarks to media on the margins of the 31st Dubrovnik Economic Conference, Vujčić, who heads the Croatian National Bank, said, ‘I would agree that we are nearly done. As she [ECB President Christine Lagarde] said, we are now in a good position.’

If the June projections materialised, this view would accurately characterise the ECB’s current policy stance, he said.

The ECB had to make decisions on the basis of available data, he said, noting that the next round of macroeconomic projections would be in September.

The main source of uncertainty concerned trade policy, he said. ‘Unfortunately, it’s very difficult to have any kind of firm opinion’ on how trade tensions would be resolved, he said.

Pressed on what he needed to see to act again, he replied, ‘I would say always it’s good to look at our projections and compare the incoming data with our projections’, as a surprise of any kind would warrant considering the appropriate response.

Rates now were ‘broadly neutral’ and ‘not restraining growth anymore’, he said.