ECB’s Escrivá: Open to Move in Any Direction but Currently Comfortable at 2%

19 December 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Friday that the ECB was open to move interest rates in either direction but was currently comfortable at 2%.

In an interview with Spanish broadcaster TVE, Escrivá, who heads the Banco de España, said inflation at the ECB’s 2% target resulted in “no consideration at the moment to move rates in either direction.”

The latest projections show inflation remaining sustainably at 2%, not only in headline terms but also in core measures, he said.

Escrivá said he is “fully aligned” with the Governing Council’s stance of maintaining flexibility on both the direction and timing of any future move, stressing that this does not imply a “static” policy approach.

“We speak of full optionality, which depends on factors that are difficult to anticipate and could point to a move in either direction,” he said. “We are open to moving rates either way, but for now we are very comfortable at 2%.”

"Not only are we currently experiencing 2% inflation, but projections suggest we will remain at that level in a reasonably stable manner, not only in terms of headline inflation but also core inflation," he said. "Therefore, we are in a good position to maintain a consistent monetary policy in this regard."