Update

ECB preview: The ECB goes into hibernation

12 December 2025 16:07 RaboResearch

We don’t see any reason for the ECB to change its policy at this month’s meeting. Neither does the market. Another hold will probably cement the markets’ view that the cutting cycle is over, but we do not expect Lagarde to explicitly confirm this. She will probably repeat her “good place” analogy, adding that the ECB will stay vigilant to both upside and downside risks.

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