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ECB Insight: Villeroy’s Dovish Bias Persists Beneath a Softer Tone

ECB Insight: Villeroy’s Dovish Bias Persists Beneath a Softer Tone

By Marta Vilar – MADRID (Econostream) – Until recently among the European Central Bank Governing Council’s clearest voices in favor of further rate cuts, Banque de France Governor François Villeroy de Galhau has lately sounded unmistakably less eager to beat the drums for more easing.

7 November 2025
ECB Insight: "Judgment Over Models" Meets the 2028 Projection Horizon

ECB Insight: "Judgment Over Models" Meets the 2028 Projection Horizon

By David Barwick – FRANKFURT (Econostream) – Following Thursday’s decision to leave interest rates alone, European Central Bank Governing Council policymakers wasted little time signaling that the December Eurosystem staff projections – the first to include 2028 inflation – should not be over-interpreted.

31 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 12 November 2025

ECB Tone Meter

Meeting Bias

ECB Governing Council Meeting