ECB’s Kocher: Next Rate Move Could Be in Either Direction

19 December 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Martin Kocher said on Friday that the next interest rate move could be in either direction, citing elevated economic uncertainty.

Speaking to reporters in Vienna, Kocher, who heads the Austrian National Bank, said that the ECB was “not in a comfortable situation in terms of the overall economic situation because uncertainties remain high.”

This meant that the next move could either be a cut or a hike, depending on which was necessary, he said.

Related articles:

• ECB’s Kocher: High U.S. Tech Valuations a Risk, but No Need for ECB to React to Small Forecast Misses
• ECB’s Kocher: Monetary Policy In a Good Place, But Must Remain Watchful
• ECB’s Kocher: Monetary Policy Transmission, Growth in CESEE Need Well-Functioning Capital Markets