Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/319903 
Authors: 
Year of Publication: 
2025
Series/Report no.: 
SAFE White Paper No. 113
Publisher: 
Leibniz Institute for Financial Research SAFE, Frankfurt a. M.
Abstract: 
This paper assesses the European Central Bank (ECB)'s monetary policy stance as of June 2025, analysing its evolving interest rate path, balance sheet developments, and communication strategy. It highlights the transition toward a neutral policy rate, ongoing quantitative tightening, persistent inflation dispersion, and increasing macroeconomic uncertainty. The analysis concludes that while inflation is converging toward target, elevated uncertainty, and divergence between interest rate policy and balance sheet reduction demand cautious calibration and transparent communication. This document was provided/prepared by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee of the European Parliament.
Subjects: 
ECB
Monetary Policy
Inflation
Neutral Policy Rate
ISBN: 
978-92-848-2764-0
Document Type: 
Working Paper

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