ECB’s Escrivá: Exchange Rate Level Not a Concern, Inflation Projections on Target

22 September 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Monday that the current level of the exchange rate was not a concern for policymakers.

Speaking at the Líderes en directo event organised by the Consejo de Economistas in Madrid, Escrivá, who heads the Banco de España, said that the exchange rate had been “stable” in the last few months around 1.16 against the US dollar.

This level was close to the 10-year average of about 1.12, according to Escrivá, who said that the exchange rate was currently not a concern for the ECB.

As for inflation, he said projections were aligned with the 2% target in the medium term, which he considered to be “good news,” adding that inflation “should not fall anymore.”

“We are in a situation in which, despite all the uncertainty and the need to remain vigilant about its impact on prices, our projections are at 2% and rates are at 2%,” he said.

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