ECB’s Stournaras Says Euro Gains Not “Dramatic,” Already in Projections

6 February 2026

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Yannis Stournaras on Friday said the ECB is watching the exchange rate but does not see the euro’s appreciation as a development that should alter the policy course, arguing the move has already been incorporated into the central bank’s projections.

Stournaras, who heads the Bank of Greece, told Bloomberg Television that the of the euro since March 2025 is already part of the ECB’s baseline and that the currency remains within its historic trading range against the dollar.

“We’re monitoring exchange rates and monitoring all variables that affect activity and inflation,” he said.

“Most of the appreciation has taken place in the first quarter of last year,” Stournaras said Friday. “So it was not something dramatic that should lead us to change our course of action.”

He described risks to the outlook for inflation and economic growth as balanced and said officials were “quite confident.”

“We don’t feel that we should change the course of action,” he said. “We are data dependent. It has proven a very good practice up to now.”