By Marta Vilar – MADRID (Econostream) – Econostream’s ECB Tone Meter showed a notable shift in tone this week, with both the Governing Council and the Executive Board moving into what we classify as ‘slightly hawkish’ territory.
27 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Executive Board member Isabel Schnabel said on Friday that policymakers should remain cautious in responding to the latest energy-driven inflation shock, adding that there was “no need to rush into action.”
27 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Pierre Wunsch said on Friday that an interest rate hike in the April meeting remains possible, but that more evidence is needed before any decision is taken.
27 March 2026
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Primož Dolenc on Friday said that last week’s decision by the ECB to leave interest rates unchanged reflected excessive uncertainty, but that by the next policy meeting at the end of April there should be more clarity, allowing a better-informed discussion of any possible move.
27 March 2026
By Marta Vilar and David Barwick – TALLINN (Econostream) – Following is the full transcript of the interview conducted by Econostream on 26 March 2026 with Madis Müller, Governor of Eesti Pank and member of the Governing Council of the European Central Bank:
27 March 2026
By David Barwick and Marta Vilar – TALLINN (Econostream) – The European Central Bank might not need to wait until broad-based second-round effects are “fully visible” before considering a rate increase, according to ECB Governing Council member Madis Müller.
27 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank President Christine Lagarde said on Thursday that expectations of a brief Middle East conflict may be misplaced, warning that its economic impact—particularly on energy supply—could endure for years.
26 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said on Thursday that financial markets had, to some extent, overread recent comments about the timing of possible interest rate increases, stressing that such discussions remain “premature.”
26 March 2026
By David Barwick – FRANKFURT (Econostream) – Lithuania’s parliament on Thursday reappointed European Central Bank Governing Council member Gediminas Šimkus as chair of the board of the Bank of Lithuania for a second term.
26 March 2026
By Marta Vilar – TALLINN (Econostream) – European Central Bank Vice President Luis de Guindos said on Thursday that developments in the Middle East conflict will be a decisive factor for the ECB’s monetary policy, as they will determine whether inflation expectations start to drift away from target.
26 March 2026
By David Barwick – TALLINN (Econostream) – European Central Bank Vice President Luis de Guindos on Thursday said the war in the Middle East had made the euro-area outlook for growth and inflation “significantly more uncertain,” with ECB staff now expecting growth below 1% this year and inflation of 2.6%.
26 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Thursday that raising interest rates in April was a possibility, though not guaranteed.
26 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said on Wednesday that the ECB would do whatever was necessary to reduce inflation to 2% or below in 2027 and 2028.
25 March 2026
By David Barwick – FRANKFURT (Econostream) – Less than a week after the European Central Bank left rates unchanged and Christine Lagarde stressed uncertainty, the ECB president on Wednesday sounded somewhat more hawkish.
25 March 2026
By Marta Vilar – FRANKFURT (Econostream) – European Central Bank Governing Council member Olli Rehn said on Wednesday that the ECB’s response to the energy shock triggered by the Middle East conflict should be guided by the broader macroeconomic environment rather than oil price movements alone.
25 March 2026
By Marta Vilar – FRANKFURT (Econostream) – European Central Bank Chief Economist Philip Lane said on Wednesday that, according to an ECB synthetic indicator, the energy shock linked to the Middle East conflict would now be classified as “medium-to-large” if assessed this week, compared with “medium” in the 11 March reading.
25 March 2026
By Marta Vilar – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde said on Wednesday that the ECB could consider a “measured” policy adjustment if rising energy prices—linked to tensions in the Middle East—cause a significant but temporary spike in inflation.
25 March 2026
By David Barwick – FRANKFURT (Econostream) – Following is the full transcript of the interview conducted by Econostream on 24 March 2026 with Mārtiņš Kazāks, Governor of Latvijas Banka and member of the Governing Council of the European Central Bank:
25 March 2026
By David Barwick – FRANKFURT (Econostream) – An early interest rate move by the European Central Bank would be warranted if inflation became entrenched and spread beyond energy into the rest of the economy, according to ECB Governing Council member Mārtiņš Kazāks.
25 March 2026
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Álvaro Santos Pereira said on Wednesday that it is “more than premature” to speculate about future interest rate moves.
25 March 2026