Schnabel's four lessons: avoid commitments, watch the inflation outlook, guard dominance
In reflections near the end of her ECB term she called pandemic forward guidance too Odyssean and argued for a balance sheet no larger than necessary.
Euro
ECB wage tracker points to 2.8% wage growth in the first half of 2027, up from 2.3% in 2026
The update covers agreements signed up to mid-October and extends the horizon to September 2027, where coverage is still thin.
ECB blog: SEPA reaches 41 countries, but south-eastern Europe pays 6-12% to send cash home
Survey data from six countries show about two-thirds of remittance recipients use cash via relatives or money transfer operators instead of bank transfers.
ECB daily supermarket prices: food repricing after the new energy shock is weaker than 2022
An ECB blog on 2 November says repricing rose fairly broadly at first and then stabilised, while in 2022 the wave kept building after Russia's invasion of Ukraine.
ECB company contacts: AI and defence grow while process industries shrink
The ECB's latest round of talks with firms found subdued consumer spending, falling headcounts in manufacturing and investment driven by software, data centres and defence.
Euro area grows 0.4% in the third quarter; France shrinks and Italy stalls
Eurostat's preliminary flash puts annual growth at 1.3%; Spain and the Netherlands grew 0.6%, Germany 0.2%, France fell 0.1% and Ireland's volatile figure jumped 5.5%.
ECB holds the deposit rate at 2.50% as the energy shock grows
The Governing Council sees upside risks to inflation and downside risks to growth; underlying inflation is broadly stable so far and wages show no material response.
ECB consumer survey: 12-month inflation expectations rose to 3.1% in September
Perceived past inflation edged up to 3.6%, three- and five-year expectations held at 2.9% and 2.5%, and expected growth fell to -1.5% as unemployment expectations rose to 11.3%.
ECB lending survey: banks tighten for firms again, housing loan demand falls 27%
A net 9% of banks tightened corporate credit standards in Q3, above the 5% they expected; demand from firms turned negative and banks report rising demand to finance AI data centres.
ECB survey finds euro-area loan conditions tightened again, with large firms hit hardest
In the 40th SAFE round, a net 46% of firms reported higher bank-loan rates and loan availability fell more than demand, widening the financing gap.