ECB’s Cipollone: European Economy “Surprisingly Resilient”, Doing “Pretty Well”

24 September 2025

By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Piero Cipollone on Wednesday expressed a relatively high degree of satisfaction with the economic outlook and predicted that inflation over the next two years would remain close to the ECB’s price stability target.

In an interview with Bloomberg, Cipollone said that “the European economy has been surprisingly resilient despite all the uncertainty and, you know, the tension. We are doing pretty well.”

The ECB's latest macroeconomic projections included the first upwards revision to growth “in a long time,” he observed.

The economy is “probably … doing well,” he said. There could be a 3Q growth slowdown, he conceded, but after this, “the pattern will be resumed … and we expect that the growth will be in a good place also in the coming years, because it's predicated on … good fundamentals like, you know, a resilient labor market, solid financial conditions for households and firms. So, you know, looks good.”

Asked to confirm that he was confident, Cipollone did not deny it, responding merely that “uncertainty is still there.”

As for inflation, the risks were “very balanced,” he said, reiterating the ECB’s view that “we are in a good place.”

“We will be close to target for the next two years,” he elaborated. “Inflation expectations are well anchored. So, we are in a good place.”

Unexpected developments were always possible, but the ECB was well positioned to manage these by reacting as needed, he said.