By Marta Vilar – MADRID (Econostream) – The ECB Tone Meter moved slightly dovish this week, with the Governing Council reading at -0.12, which we classify as broadly neutral but still with a marginal dovish tilt, and the Executive Board at +0.05, which we view as neutral with a very marginal hawkish lean.
5 December 2025
By Marta Vilar – MADRID (Econostream) – Austria’s federal financing agency (OeBFA) plans to issue €43–47 billion in Austrian government bonds (RAGB) and €2–4 billion in short-term instruments next year, according to its 2026 Funding Outlook, issued Thursday.
4 December 2025
By Marta Vilar – MADRID (Econostream) – European Central Bank Vice President Luis de Guindos said on Thursday that economic growth in the euro area had been subdued and was expected to remain moderate in coming years.
4 December 2025
By Marta Vilar – MADRID (Econostream) – Following is the full transcript of the interview conducted by Econostream on 4 December 2025 with Markus Stix, Managing Director in charge of markets at the Austrian Treasury.
4 December 2025
- Markus Stix, Austrian Treasury Managing Director: 2026 gross issuance seen €43–45bn vs. €45bn in 2025
- Stix: “We again aim for three euro syndications” in 2026
- Stix: Will be active in issuance in 1H26, but will keep “some powder dry for later”
- Stix: Open to opportunistic long-end issuance via taps of outstanding century bonds
- Stix: No plans to issue a new century bond in 2026
- Stix: New green bond via syndication in 2026 “one of many options”
- Stix: Would consider CHF market again to fund new green eligible expenditures
- Stix: No plans to add additional tenors to Bundesschatz program
By Marta Vilar – MADRID (Econostream) – European Central Bank Executive Board member Piero Cipollone said on Thursday that if upside risks fail to materialize, the ECB would need to cut interest rates.
4 December 2025
By David Barwick – FRANKFURT (Econostream) – Philip Lane’s Ljubljana speech on Wednesday reads like a belated attempt to pull ECB communication back toward its own strategy just as Governing Council members work to downplay the significance of what looks increasingly like another projected undershoot in 2028.
3 December 2025
By Marta Vilar – MADRID (Econostream) – European Central Bank President Christine Lagarde said on Wednesday that the ECB had been witnessing a “very good transmission” of its monetary policy stance for many quarters.
3 December 2025
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Wednesday said that inflation should remain close to 2% in the coming months and that risks to the outlook had narrowed.
3 December 2025
By Marta Vilar – MADRID (Econostream) – European Central Bank Chief Economist Philip Lane said on Wednesday that policymakers should rely on judgement when deciding whether to respond to a mid-size deviation of inflation from target.
3 December 2025
By David Barwick – FRANKFURT (Econostream) – Following is the full transcript of the interview conducted by Econostream on 27 November 2025 with Mārtiņš Kazāks, Governor of Latvijas Banka and member of the Governing Council of the European Central Bank:
2 December 2025
By David Barwick – FRANKFURT (Econostream) – The likelihood that the European Central Bank would cut if confronted with a negative inflation shock is greater than the probability of it hiking in response to a positive shock of equal magnitude, according to ECB Governing Council member Mārtiņš Kazāks.
2 December 2025
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel said in an interview published Tuesday that euro area inflation had practically reached 2% and would fluctuate around that level in the near term.
2 December 2025
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Martin Kocher on Tuesday said that high equity valuations tied to artificial intelligence in the United States warranted caution, even as he stressed that euro-area banks were stable and that risks to Europe stemmed mainly from abroad.
2 December 2025
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Monday that interest rates were at “broadly” neutral levels and that the ECB’s first inflation projection for 2028—set for release in the Governing Council’s December meeting—would indicate whether the institution remains on course to reach its 2% target.
1 December 2025
By David Barwick – FRANKFURT (Econostream) – European Central Bank Vice-President Luis de Guindos said the current level of interest rates remained appropriate and that policy would adjust only if the economic environment changed, according to an interview published Monday.
1 December 2025
By Marta Vilar – MADRID (Econostream) – The ECB Tone Meter moved slightly hawkish this week, with the Governing Council reading at -0.09, which we classify as broadly neutral but still with a marginal dovish tilt, and the Executive Board at +0.20, which we view as neutral with a marginal hawkish lean.
28 November 2025
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Friday that policymakers should pursue a “well-thought-out” streamlining of bank supervision, arguing that regulatory complexity has grown to a point that it is depressing the productivity of European banks.
28 November 2025
By David Barwick – FRANKFURT (Econostream) – Latvia’s Ministry of Finance has moved to nominate Mārtiņš Kazāks, President of Latvijas Banka and member of the European Central Bank’s Governing Council, for the position of ECB Vice President, it said Thursday.
27 November 2025
By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said on Thursday that the French economy was doing better than expected and that fiscal consolidation would, contrary to common belief, have a positive impact.
27 November 2025