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The ECB’s monetary policy stance in an uncertain environment

Author

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  • Christophe Blot

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Trinity College Dublin)

  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Trinity College Dublin)

  • François Geerolf

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Trinity College Dublin)

  • Giovanni Ricco

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Trinity College Dublin)

  • Davide Romelli

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Trinity College Dublin)

Abstract

In this paper, we review the recent economic outlook, policy decisions and communication of the ECB against the backdrop of growing uncertainty. First, inflation heterogeneity has receded with inflation, thus contributing to facilitating the design of monetary policy. Second, monetary easing is somewhat dampened by the reduction in ECB's balance sheet. Third, ECB has chosen to foreground uncertainty more explicitly in its publicfacing communication, potentially as a tool to manage expectations and signal caution to a broader audience.

Suggested Citation

  • Christophe Blot & Jérôme Creel & François Geerolf & Giovanni Ricco & Davide Romelli, 2025. "The ECB’s monetary policy stance in an uncertain environment," Sciences Po Economics Publications (main) hal-05479486, HAL.
    • Handle: RePEc:hal:spmain:hal-05479486
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-05479486v1
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