In a recent interview, Jose Luis Escriva, Governor of the Bank of Spain, discusses global uncertainties impacting monetary policy. He asserts that there is strong consensus within the European Central Bank (ECB) regarding the approach to interest rates, which relies on ongoing data assessment. Escriva mentions that while inflation is currently aligned with the ECB's 2% target, new challenges are presented by geopolitical events and market volatility. He notes that the previous stability of the dollar may be diminishing as economic dynamics shift.
I see no reason for that approach to change. It's an approach based on continuous assessment of the data, and we do not pre-commit to any path for future interest rates.
The scenario has become more complicated since Donald Trump became president of the United States. New risks are emerging that could affect demand and financial market stability.
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