ECB’s Sleijpen Avoids Label as Dove or Hawk, Flags Elevated Uncertainty
27 September 2025
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Olaf Sleijpen on Saturday declined to say whether he considered himself a monetary policy hawk or dove and noted that uncertainty was high.
In an interview with Dutch daily FD, Sleijpen, who heads De Nederlandsche Bank, stressed that his monetary policy stance stance depended on whatever measures were needed to ensure price stability.
Regarding future steps of the ECB, he pointed to high uncertainty.
Weaker economic activity and the stronger euro were factors that could bring inflation down faster than expected, though he also warned that higher energy costs were pushing in the opposite direction.
“Furthermore, we don’t yet know to what extent US import tariffs will affect the inflation rate in the long term,” he said.
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