By Marta Vilar – MADRID (Econostream) Econostream’s ECB Tone Meter showed the Governing Council turning marginally dovish this week, while the Executive Board was little changed and remained mildly hawkish.
20 February 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Friday provided for the record what should have been the sentence to end the early resignation saga: “So my baseline is that it will take until the end of my term.”
20 February 2026
By David Barwick – FRANKFURT (Econostream) – Malta is small, and Alexander Demarco is new enough as a European Central Bank Governing Council member that markets might overlook him. That would be a mistake.
20 February 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank President Christine Lagarde said that the ECB had to consolidate all the achievements it had accomplished, adding that her “baseline” was that it would take until the end of her term.
20 February 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Friday warned that the unraveling of the postwar international legal and economic order risked accelerating retaliation and trade fragmentation, citing estimates that severe fragmentation could cut global output by as much as 7% and by up to 12% in some countries if technological decoupling were added.
20 February 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Yannis Stournaras said in a Politico interview published Thursday that inflation was set to converge to the 2% target over the medium term and that the euro area economy “remains in a good place.”
19 February 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Piero Cipollone on Thursday pressed the case for a digital euro, arguing that it would preserve access to public money as payments move online and reduce reliance on non-European payment providers.
19 February 2026
By Marta Vilar – VALENCIA, Spain (Econostream) – European Central Bank Vice President Luis de Guindos said on Thursday that he had received no indication that ECB President Christine Lagarde plans to leave her post early, stressing that she remains fully committed to her role.
19 February 2026
By Marta Vilar – VALENCIA, Spain (Econostream) – European Central Bank Vice President Luis de Guindos said on Thursday that risks to the outlook were balanced, and geopolitical tensions were the main source of uncertainty.
19 February 2026
By Marta Vilar and David Barwick – VALLETTA (Econostream) - Following is the full transcript of the interview conducted by Econostream on 16 February with Alexander Demarco, Governor of the Central Bank of Malta and member of the Governing Council of the European Central Bank:
19 February 2026
By David Barwick and Marta Vilar – VALLETTA (Econostream) – If downside surprises led to a medium-term inflation outlook in the euro area below the European Central Bank’s 2% target, this could argue for another rate cut, according to ECB Governing Council member Alexander Demarco.
19 February 2026
By David Barwick – FRANKFURT (Econostream) – The Bundesbank said in its February monthly report published Thursday that the euro area economy was likely to expand again at a moderate pace in early 2026, with activity supported by consumption and investment even as trade headwinds and euro strength weigh on exports.
19 February 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Frank Elderson on Thursday said most banks under ECB supervision have now built the capacity to manage climate- and nature-related risks, after supervisors escalated pressure in steps that largely avoided periodic penalty payments.
19 February 2026
By David Barwick – FRANKFURT (Econostream) – We return today to European Central Bank Governing Council member François Villeroy de Galhau’s habit of staking out positions with confidence and then recalibrating seamlessly without acknowledging the recalibration—a habit that now looks like teeing up a potential easing pitch before he leaves office.
19 February 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Gabriel Makhlouf on Wednesday defended central bank independence as essential to credible monetary policy, arguing that insulating rate decisions from short-term politics helps keep inflation expectations anchored and macroeconomic volatility contained.
18 February 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank (ECB) Governing Council member François Villeroy de Galhau on Wednesday argued that the ECB’s interest-rate stance was “well positioned” but should remain flexible, saying he was convinced with respect to inflation that “the downside risks are greater.”
18 February 2026
By David Barwick – FRANKFURT (Econostream) – The Financial Times report on Wednesday that Christine Lagarde is expected to leave the European Central Bank (ECB) before her term ends is best treated as a timely reminder that the clock is ticking.
18 February 2026
By David Barwick – FRANKFURT (Econostream) - European Central Bank President Christine Lagarde will depart from the ECB before the end of her eight-year term on 31 October of next year, according to the Financial Times on Wednesday.
18 February 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Monday that Europe has been significantly affected by geoeconomic fragmentation and should do everything possible to maintain close cooperation with the United States.
16 February 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank (ECB) President Christine Lagarde on Saturday said trade and supply-chain dependencies had become a security issue for Europe, arguing that a more volatile geoeconomic environment would likely bring more frequent episodes of financial market stress.
14 February 2026