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ECB’s Villeroy: Rate Cut More Plausible Than a Rate Hike

ECB’s Villeroy: Rate Cut More Plausible Than a Rate Hike

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Tuesday pushed back against those claiming a rate hike could be the ECB’s next move just as easily as a cut.

14 October 2025

Exclusives

Exclusive: Spanish Treasury Rules Out Further Bond Syndications in 2025

Exclusive: Spanish Treasury Rules Out Further Bond Syndications in 2025

By Marta Vilar – MADRID (Econostream) – Spain will not proceed with the syndicated bond issuance that had been expected late in 2025, diverging from its standard practice of four such operations a year, according to Mercedes Abascal, Deputy Director General of Public Debt Management at the Spanish Treasury.

30 September 2025

Insights

ECB Insight: Pereira’s ‘No Dove’ Claim Is More Optics Than Doctrine

ECB Insight: Pereira’s ‘No Dove’ Claim Is More Optics Than Doctrine

By David Barwick – FRANKFURT (Econostream) – Incoming European Central Bank Governing Council member Álvaro Santos Pereira’s insistence that he is “definitely not a dove” invites a natural question: if not a dove, then what? The answer, at least for now, is that the new Banco de Portugal governor’s self-characterization looks more rhetorical than substantive — a positioning move rather than a signal of hawkish conviction.

9 October 2025
ECB Insight: Lane’s “Balanced” Tone Masks a Subtle Bias Toward Easing

ECB Insight: Lane’s “Balanced” Tone Masks a Subtle Bias Toward Easing

By David Barwick – FRANKFURT (Econostream) – European Central Bank Chief Economist Philip Lane’s first major appearance in months was ostensibly a defense of the ECB’s balanced approach to policy, but beneath the calm language of symmetry and data dependence ran a clear subtext: disinflation risks still dominate, and the intellectual groundwork for further easing remains in place.

6 October 2025

ECB Tone Meter

Entire Governing Council

26 Members
Very Dovish
Very Hawkish

Executive Board

6 Members
Very Dovish
Very Hawkish

Evolution

Governing Council vs. Executive Board

As of 14 October 2025

ECB Tone Meter

Meeting Bias

ECB Governing Council Meeting