ECB Preview: Driving Home For Christmas

ING Economic and Financial Analysis4.95K FollowersFollow5ShareSavePlay(7min)CommentsSummaryWe're expecting rates to stay on hold, but diverging views on what comes next and a new round of forecasts.Expect an exciting European Central Bank meeting next week.All in all, next week’s ECB meeting promises to have all the ingredients of a typical family gathering at Christmas: stimulating and at times controversial conversations, a few rumours and a bit of gossip, accompanied by vague talks about the future but no hard action.

Getty Images By Carsten Brzeski, Global Head of Macro When the European Central Bank meets again next week, some will get a first idea of how their family Christmas dinner might look the week after: stimulating – at times controversial – conversations without any escalatingThis article was written byING Economic and Financial Analysis4.95K FollowersFollowFrom Trump to trade, FX to Brexit, ING’s global economists have it covered. Go to ING.com/THINK to stay a step ahead. We’re sorry we can’t reply to individuals' comments.Content disclaimer: The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.This publication has been prepared by ING solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. For our full disclaimer please click here.Quick InsightsWhat is the ECB's likely policy action at the upcoming December meeting?The ECB is expected to keep rates unchanged, as recent data and fundamentals provide little justification for a shift in monetary policy.How do the latest ECB projections impact the inflation outlook and rate expectations?Projections may slightly raise 2026 inflation but keep 2026–2027 forecasts below 2%, reinforcing expectations for a dovish policy and potential rate cuts.Does Schnabel's hawkish stance signal a shift in ECB consensus or future rate hikes?Schnabel's hawkish comments are not seen as reflective of the ECB majority; the consensus favors holding rates, with cuts more likely than hikes in the near term.Recommended For You