Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 17-18 December 2025 22 January 2026 1. Review of financial, economic and monetary developments and policy …
22 January 2026 Geoeconomic fragmentation and geopolitical risk have become key sources of macro-financial uncertainty, which can affect financial stability Geopolitical shocks can amplify financial stress and dampen economic growth Report sets out new …
20 January 2026 Current account recorded €9 billion surplus in November 2025, down from €27 billion in previous month Current account surplus amounted to €267 billion (1.7% of euro area GDP) in the 12 months to November 2025, down from €414 billion (2.7%) …
16 January 2026 By Benjamin Böninghausen and Andreea Liliana Vladu The euro area yield curve steepened significantly in 2025 as long-term and especially very long-term interest rates increased. This ECB Blog post dissects what happened and explores key …
Prepared by Sercan Eraslan, Andrea Fabbri and Lorena Saiz Published as part of the ECB Economic Bulletin, Issue 8/2025. 1 Introduction Assessing the short-term growth outlook and the associated risks based on incoming data is key to making monetary policy …
Prepared by Matteo Falagiarda, Christine Gartner and Steffen Osterloh Published as part of the ECB Economic Bulletin, Issue 8/2025. On 1 January 2026 Bulgaria adopted the euro and became the 21st member of the euro area. The assessments set out in the …
Prepared by Maximilian Schröder Published as part of the ECB Economic Bulletin, Issue 8/2025. Trade policy uncertainty has risen significantly in the face of higher tariffs and tariff threats, adding a new layer of complexity to assessing the global …
Prepared by Katalin Bodnár, Vasco Botelho, Laura Lebastard and Marco Weissler Published as part of the ECB Economic Bulletin, Issue 8/2025. Firms that have faced adverse shocks to their business activity can decide to either shed labour or hold on to their …
Prepared by Kristian Tötterman and Samuel Bieber Published as part of the ECB Economic Bulletin, Issue 8/2025. This box describes the Eurosystem liquidity conditions and monetary policy operations in the fifth and sixth reserve maintenance periods of 2025. …
Overview At its meeting on 18 December 2025, the Governing Council decided to keep the three key ECB interest rates unchanged. Its updated assessment reconfirmed that inflation should stabilise at the 2% target in the medium term. According to the December …
15 January 2026 By Pietro Bellamio, Catarina De Melo Branco, Julika Herzberg, Małgorzata Osiewicz, Sofia Papadopoulos, Eva Pereira, Dimitra Theleriti and Caroline Willeke The ESCB has strengthened its climate indicators, introducing new breakdowns of …
Prepared by Roberto Bernasconi, Naïm Cordemans, Vanessa Gunnella, Giacomo Pongetti and Lucia Quaglietti 1 Introduction The EU Single Market brings together 450 million people and 26 million businesses. It is one of the cornerstones of European integration, …
Prepared by Niccolò Battistini, Adam Baumann, Johannes Gareis and Desislava Rusinova Housing investment is a bellwether of the economy and the ECB Consumer Expectations Survey (CES) offers timely insights into how households perceive its attractiveness. …
13 January 2026 Current account surplus at €283 billion (1.8% of euro area GDP) in four quarters to third quarter of 2025, after a €425 billion surplus (2.8% of GDP) a year earlier Geographical counterparts: largest bilateral current account surplus vis-à- …
13 January 2026 Households' financial investment increased at broadly unchanged annual growth rate of 2.7% in third quarter of 2025 Non-financial corporations' financing increased at unchanged annual rate of 1.6% Non-financial corporations' …
13 January 2026 We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell. The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve. It is …
16 January 2026 Two years ago the euro area went through one of the most severe inflationary shocks in its recent history. What is the situation today? In 2021 and 2022 we had this very unusual and severe surge in inflation. The ECB responded with a …
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Danish Economic Society Conference Kolding, 9 January 2026 I am grateful to the Danish Economic Society for the invitation to participate in this conference. In line with …
8 January 2026 Compared with October 2025: median consumer perceptions of inflation over the previous 12 months remained unchanged, as did median inflation expectations for the next 12 months, for three years ahead and for five years ahead; expectations …
6 January 2026 By David Barkhausen, Gabriel Glöckler and Stefan Ruhkamp Central banks often struggle to make themselves understood to the wider public. Visuals can help to change this. The ECB Blog travels across the globe to showcase the creative ways in …
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