- Keeping interest rates unchanged was justified
- There are both upside and downside risks to growth and inflation
- There is considerable uncertainty about the inflation outlook for the coming years
- Overall impact of tariffs remains uncertain
Now that ECB members are coming out of the blackout period, we will likely hear more of the same. They've been talking about uncertainty and both upside and downside risks for several weeks, and it's unlikely to change as they continue to monitor economic developments.
