ECB’s Escrivá: Reality Keeps Proving Forecasts Wrong, Whether That Continues Remains to Be Seen

11 November 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Tuesday that reality kept proving pessimistic forecasts wrong, but it was yet to know if that would continue to be the case.

In a panel discussion at the meeting of the Board of Directors of PIMEC, Escrivá, who heads the Banco de España, said that there was “a certain disconnect between perceptions, policies, risks and the resilience shown by the global economy.”

Supply chains had adjusted “in an extraordinarily flexible way,” he said.

Therefore, reality had kept proving these concerns to be wrong, he said, though he noted that whether this would continue to be the case remained to be seen.

“Spain is growing at a 2.8% rate and data from Q3 is also positive; we will keep growing at a similar rate,” he said.

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