ECB’s Müller: “Too Early to Speculate” What Will Happen with Interest Rates in Six Months

19 December 2025

By David Barwick – FRANKFURT (Econostream) – It remains too soon to predict what will happen with European Central Bank monetary policy in the second half of next year, according to Governing Council member Madis Müller on Friday.

Müller, who heads Eesti Pank, told Estonian Äripäev Radio’s "Hommikuprogramm," “If you ask what will happen in six months or after that, it’s honestly too early to speculate.”

It was “possible to imagine scenarios in both directions,” he said. “If the euro area economy doesn’t do as well and inflation slows further, then maybe there’s reason to reduce rates further. But it’s also possible to imagine the opposite.”

In any case, he said, jumping around with interest rates was unwarranted, and it was best to await further macroeconomic developments to determine the appropriate course of action.