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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ECB July 2026 Accounts: Geopolitical Risk, Energy Shocks, and the Case for a Policy Pause
ECB keeps rates unchanged but leaves further hikes on the table: The ECB's July meeting account confirms that interest rates were kept unchanged amid high uncertainty. While inflation had eased, members remained concerned about upside risks from energy prices and geopolitical tensions, with further rate increases still possible if the inflation outlook does not improve.
27 Aug 2026
Isabel Schnabel: Central banks on-chain
ECB explores the future of central bank money in tokenised markets: In a speech at Jackson Hole, ECB Executive Board member Isabel Schnabel highlighted the potential of tokenisation to improve the efficiency and integration of financial markets. She stressed that central bank money should play a central role in the emerging DLT ecosystem and outlined the Eurosystem's ongoing work through Projects Appia and Pontes.
28 Aug 2026
ECB Consumer Expectations Survey: July 2026 Inflation Expectations Edge Down
The ECB's July 2026 Consumer Expectations Survey shows a slight decline in perceived and expected inflation over short and medium horizons, while five-year expectations hold at 2.4%. Income growth expectations weakened and labour market sentiment softened, with higher job-loss expectations among employees. These indicators offer early signals for household demand and credit conditions relevant for risk monitoring.
21 Aug 2026