FX.co ★ ECB Maintains Patient Stance on Policy Rates

The European Central Bank (ECB) officials emphasized their capacity for patience in adjusting monetary policy but clarified that this should not be mistaken for reluctance to take action or an uneven approach. Insights from the December 2025 meeting reveal that the ECB considers its current monetary policy stance to be suitable, though not unchanging. The governing body noted that economic activity had exceeded expectations in terms of resilience, with unemployment rates hovering at historically low levels. Furthermore, the inflation outlook appears promising, with prices anticipated to remain aligned with targets throughout the projection period. Nevertheless, the ECB remains cautious, recognizing that future circumstances could significantly deviate from present predictions due to various risks. Consequently, monetary policy adjustments will be tailored in response to changing conditions rather than adhering to a predetermined trajectory. During the December 2025 meeting, the ECB maintained lending rates for the fourth consecutive session, keeping the main refinancing rate at 2.15% and the deposit facility rate at 2%.