ECB’s Müller: “Makes Sense” to Stay on Hold, Given Growth Set to Pick Up

2 September 2025

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Madis Müller on Tuesday endorsed a continuation of the ECB’s monetary policy pause next week.

In an interview with Bloomberg, Müller, who heads Eesti Pank, said that it “makes sense” in the context of expectations of an improvement of growth not to cut interest rates again.

“It’s reasonable right now to take the time and monitor the economic data as it comes in the following months and take any different decisions if necessary,” he was quoted as saying.

Müller predicted little change in the upcoming macroeconomic projections. “In light of all of this turmoil that we have seen in the recent past, starting with the trade policy in the US, also the impact of war in Ukraine that we have now for a number of years, the economy has held up quite well in Europe,” he said.

“[W]e could still assume that we are more or less on the path that was already there during the last round of projections for the ECB”, he added.