ECB’s Escrivá: Should Remain “Agile and Ready to Move in Any Direction”

16 September 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Tuesday that the ECB should remain agile and prepared to adjust policy in any direction.

In a panel discussion at the Cunef university in Madrid, Escrivá, who heads the Banco de España, noted that the situation remained highly uncertain.

He stressed that although the baseline scenario was materializing, this did not rule out unexpected developments.

“Therefore, our stance is to remain very agile and well prepared to move in any direction in terms of monetary policy,” he said.

The ECB had managed to bring inflation down and the current level of interest rates was “reasonable,” he said.

“What we will do going forward will depend on the direction in which uncertainty plays out,” he said.

Risks to inflation and growth were “clearly two-sided,” but the bank’s economists had agreed that they were slightly more tilted to the downside with respect to growth, he said.

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