ECB’s Sleijpen: Economy Holding Up Well, Outlook “Difficult” Due to Uncertainty

6 February 2026

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Olaf Sleijpen said on Friday that the economy was holding up well but cited trade tensions and geopolitical conflicts as risks.

In a LinkedIn post, Sleijpen, who heads De Nederlandsche Bank, said the ECB’s assessment confirmed that inflation is expected to converge to 2% in the medium term.

“We see that the economy is holding up well at the moment,” he said. “Unemployment remains low, the services sector is performing well and industry is also holding up reasonably, despite the challenging global environment.”

However, Sleijpen said the outlook remained “difficult” amid uncertainty over global trade policy and geopolitical tensions, adding that the ECB would assess at each meeting whether an adjustment to its policy stance is needed.

Related articles:

• ECB’s Sleijpen: Risks to Growth and Inflation “Balanced” but “Big”
• ECB’s Sleijpen: Still in a Good Place, But Circumstances Can Change
• ECB’s Sleijpen: Projections and Incoming Data Provide No Case for Rate Move