ECB's Vujčić: Energy Prices Dominate Inflation Outlook, No Forward Guidance
In an interview with Reuters published on 18 September 2026, ECB Vice-President Boris Vujčić said that rising energy prices are now the main driver of market expectations for the interest rate path, following the latest Eurosystem projections. He reiterated that the ECB provides no forward guidance and decides meeting by meeting on the basis of a broad set of data. He also highlighted the more persistent inflation impact of gas prices, projected food inflation peaking at 3.4% in Q3 2027, and the ongoing transmission of monetary policy to lending and funding costs.
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ECB's Elderson: Banking Fragmentation Is Main Obstacle to Competitiveness
In a fireside chat on 8 September 2026, ECB Executive Board member and Supervisory Board Vice-Chair Frank Elderson said European banks' profitability, capital and asset quality have improved markedly, but that persisting fragmentation along national lines remains the main constraint on long-term competitiveness. He highlighted that around 80% of bank loans are granted domestically and less than 2% of deposits are held cross-border, limiting banks' scale and their ability to finance Europe's digital, green and defence investment needs.
08 Sep 2026
Lagarde Urges Faster AI Adoption to Safeguard Europe's Growth and Sovereignty
On 14 September 2026, ECB President Christine Lagarde delivered a speech in Vienna on Europe's position in the AI investment cycle, growth and sovereignty. She noted that euro area firms will devote around 10% of total investment to AI in 2026 and that AI-related borrowing accounted for roughly a quarter of the growth in credit to firms in the first quarter, while AI adoption by workers has doubled in two years to over 50%. ECB estimates suggest rapid adoption could lift productivity by up to 4% over a decade, against a backdrop of about €440 billion in euro area household holdings in US technology firms.
14 Sep 2026
ECB speech: protecting euro cash and preparing it for the digital future
ECB Executive Board member Piero Cipollone set out the case for safeguarding euro cash, pointing to more than 31 billion banknotes in circulation worth over €1.6 trillion and annual growth of around 3%. He welcomed the European Parliament's July negotiating position on the Single Currency Package, which includes a proposed regulation on the legal tender status of euro banknotes and coins. The speech stresses that cash and the digital euro are complementary, both providing access to central bank money.
14 Sep 2026