ECB Holds Rates Steady Amid Energy Shock and Middle East Conflict
The ECB Governing Council kept key interest rates unchanged on 23 July 2026, citing persistent energy price volatility and high uncertainty from the Middle East conflict. Inflation stood at 2.8% in June, well above the 2% target, and is expected to remain elevated into early 2027. The Council reiterated its data-dependent, meeting-by-meeting approach and called for urgent structural reforms.
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