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ECB Insight: Villeroy’s Departure Could Strengthen ECB’s Message Discipline

By David Barwick – FRANKFURT (Econostream) – François Villeroy de Galhau’s decision to step down as governor of the Banque de France in early June, announced Monday, is being treated as a personal choice to make a laudable move into social service. For European Central Bank communication, the upside may outweigh the costs.

ECB’s Villeroy: Downside Risks to Inflation “A Little Stronger” Than Upside Risks

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said on Tuesday that downside risks to inflation were “a little stronger” than those on the upside, and that the ECB was in a “good position.”

Transcript: Interview with ECB Vice President Luis de Guindos on 6 February 2026

By Marta Vilar – MADRID (Econostream) – Following is the full transcript of the interview conducted by Econostream on 6 February 2026 with Luis de Guindos, vice president of the European Central Bank:

Exclusive: ECB’s de Guindos: Must Be “Very Vigilant” if Chinese Trade Diversion to Europe Grows

ECB’s Lagarde: Meeting-by-Meeting Approach “Serves Us Well” Amid Uncertainty

By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Monday told the European Parliament that policymakers will stick with a data-dependent, meeting-by-meeting approach as global uncertainty remains high.

ECB’s Nagel: No Immediate Need for Action Even if Inflation Falls Below 2% in Coming Quarters

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Monday that there was no need to adjust the ECB’s monetary policy stance even if inflation fell below the 2% target in the coming months.

ECB’s Villeroy to Step Down as Banque de France Governor in June

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Monday announced that he will step down as governor of the Banque de France in early June to take up the presidency of the Fondation Apprentis d’Auteuil.

ECB’s Šimkus: Odds of Cut or Hike as Next Move Are 50/50

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Gediminas Šimkus said on Monday that the chances that the next move would be a hike or a cut were the same.

ECB’s Kocher: Policy Stance “Compatible” With Inflation Objective

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Martin Kocher on Monday said it would take a material shift in the environment for the ECB to reconsider its current stance, arguing that “at the moment, the policy stance is compatible and in line with our objective.”

ECB’s Kažimír: Major Baseline Departure Needed to Recalibrate Policy

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Peter Kažimír on Monday said it would take “a major departure from our baseline scenario” for him to consider changing the ECB's current policy setting.

ECB’s Cipollone: Exchange Rate No Target, but Feeds Into Inflation Projections

By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Piero Cipollone on Sunday said the ECB does not target the euro’s exchange rate, while treating it as an input into the staff inflation outlook that guides policy.

ECB Tone Meter Weekly Update: Governing Council Tone Returns to Marginally Dovish Territory

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.

ECB’s Escrivá: Need to Remain Agile in Case Inflation Outlook Shifts in Either Direction

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Friday that the ECB needed to remain “agile” and prepared to adjust its policy should developments alter the inflation outlook in either direction.

ECB’s Makhlouf Sees Case for “Patience Rather Than Action,” Urges No Rate Path Precommitment

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Gabriel Makhlouf on Friday said that policymakers should avoid pre-committing to an interest rate path and instead preserve flexibility amid geopolitical uncertainty, arguing the current stance calls for “patience rather than action.”

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

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.

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

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.

ECB’s Müller Sees Rates “Appropriate,” Warns Debt Limits and China Competition Loom

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Madis Müller on Friday said that interest rates are at an “appropriate level” given the outlook, with the euro area economy growing moderately and inflation expected to stabilize around 2%.

ECB’s Kazāks: “Sizeable and Pacey” Euro Strengthening Could Trigger Response

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Martins Kazāks on Friday said that monetary policy remains “in a good place” and that only a “sizeable and pacey” euro appreciation would be likely to warrant a policy response, as uncertainty stays high.

ECB’s Rehn Sees “Real Risk” Inflation Undershoots, Flags Euro Strength and China Imports

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Olli Rehn on Friday warned that the balance of risks now includes a meaningful chance that euro area inflation comes in below forecast, citing softer underlying price pressures, easing wage momentum and disinflationary forces from the exchange rate and trade.

ECB’s Villeroy: Downside Risks to Inflation “Probably More Significant” Than Upside Risks

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said on Friday that downside risks to inflation were “probably more significant” than upside risks, and that developments on the exchange rate and the rerouting of Chinese exports could have a “pretty strong disinflationary effect.”