Christine Lagarde: The Energy Shock: Where We Stand and What We Need to Know
ECB President Christine Lagarde warned that the ongoing conflict in the Strait of Hormuz has created the largest oil‑supply disruption in history, cutting roughly 13 million barrels per day—about 13% of global consumption. She highlighted the uncertainty over the shock’s duration and the degree to which higher energy prices will feed broader inflation, factors that will shape monetary policy decisions. Lagarde also stressed that fiscal measures must be temporary and targeted to protect vulnerable households without undermining price signals or fiscal sustainability. The speech underscores the delicate policy balance Europe faces as it strives to return inflation to its 2% target.
Europe's Successes and the Path Forward
Isabel Schnabel, ECB Executive Board member, highlighted that the euro area has restored macro stability, with inflation back at target and steady real GDP growth since 2017, while financial markets have become more integrated and banks have improved capital ratios...
Meeting of 18-19 March 2026
The ECB Governing Council met on 18‑19 March 2026 and flagged a sharp uptick in inflation risk after the Middle‑East war drove Brent crude above $100 a barrel and pushed European gas prices up 52%. Market participants now price roughly...
ECB to Open Its Doors for the Night of the Museums on 25 April 2026
On 25 April 2026 the European Central Bank will open the historic Grossmarkthalle and its adjoining public areas for Frankfurt’s Night of the Museums. Visitors can join two guided tours—one focused on the ECB’s contemporary art collection and the other on the...
New Data Release: ECB Wage Tracker Continues to Suggest Negotiated Wage Pressures Easing in 2026
The European Central Bank’s wage tracker, updated through February 2026, shows negotiated wage growth easing to 2.6% in 2026, down 0.1 percentage point from the previous release. Smoothed one‑off payments project a modest quarterly rise, while unsmoothed and exclusion‑of‑one‑off measures...
Luis De Guindos: Interview with El Mundo
In a March 20 interview, ECB Vice‑President Luis de Guindos warned that the Middle‑East war will significantly pressure euro‑area growth and inflation, though he does not expect a recession even under the most severe scenarios. The central bank’s baseline assumes...
Piero Cipollone: Digital Euro - Why?
The European Central Bank is advancing a digital euro to address the euro area’s reliance on non‑European card schemes, with 15 of 21 countries lacking a strong domestic digital payment option. A 12‑month pilot, beginning in the second half of...
Piero Cipollone: Digital Euro
The European Central Bank entered the current preparation phase for a digital euro in November 2025, concentrating on technical readiness, market engagement, and legislative support. A controlled pilot with real‑world transactions is slated for mid‑2027, with a potential first issuance targeted...
Number of Counterfeit Euro Banknotes Remains Low in 2025
ECB reported that 444,000 counterfeit euro banknotes were withdrawn in 2025, a 20% drop from the previous year and one of the lowest rates since the euro’s launch. The counterfeit rate fell to 14 per million genuine notes, with €20...
ECB Consumer Expectations Survey Results – January 2026
The ECB’s January 2026 Consumer Expectations Survey shows median inflation perception falling to 3.0% and 12‑month inflation expectations dropping to 2.6%, while three‑year expectations hold at 2.6% and five‑year expectations ease to 2.3%. Nominal income‑growth expectations rose to 1.2%, driven...
ECB Adopts Opinion on Appointment of Its Future Vice-President
The European Central Bank’s Governing Council issued an opinion supporting the EU Council’s proposed candidate, Boris Vujčić, for the next Vice‑President. Vujčić, currently Governor of the Croatian National Bank, will assume the role on 1 June 2026 for a non‑renewable eight‑year term,...
Isabel Schnabel: Fiscal Challenges Amid Geopolitical Uncertainty and Ageing Societies
Isabel Schnabel highlighted the euro area’s mounting fiscal pressures, noting that low debt levels often coincide with weak public investment. She examined Germany’s new defence and infrastructure package, showing it can lift GDP but also raise debt ratios under different...
Piero Cipollone: Digital Euro
ECB Executive Board member Piero Cipollone outlined the digital euro roadmap, confirming that the current preparation phase began in November 2025 and a pilot is slated for mid‑2027. The ECB aims for a first issuance in 2029, contingent on EU legislators...
ECB and ONCE Foundation Launch Collaboration to Ensure Digital Euro Is Accessible for Everyone
The European Central Bank has signed a collaboration agreement with Spain’s ONCE Foundation to make the digital euro app universally accessible, especially for people with disabilities, older adults, and those with limited digital skills. The foundation will provide technical advice,...
ECB Enhances Repo Facility for Central Banks
On 14 February 2026, the ECB’s Governing Council approved an overhaul of the Eurosystem repo facility for central banks (EUREP). The revised framework introduces standing access for a broad set of non‑euro‑area central banks, provided they meet anti‑money‑laundering and sanctions...