ECB’s Kocher: Monetary Policy In a Good Place, But Must Remain Watchful

21 November 2025

By David Barwick – VIENNA (Econostream) – European Central Bank Governing Council member Martin Kocher on Friday said that while the ECB’s current monetary policy stance was appropriate, circumstances demanded watchfulness.

During a panel discussion at the Conference on European Economic Integration of the Austrian National Bank, which he heads, Kocher said that there were “geopolitical and geoeconomic risks that are at a level that we haven’t experienced for a long time.”

“But there are also structural changes – when it comes to labor market, when it comes to energy transition – that actually create perhaps inflationary, perhaps disinflationary effects, and so it’s times to be vigilant,” he continued.

“But at the moment … we seem to be in a good place what monetary policy concerns, and let’s see what the projections show,” he added.