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Research
Dec 15, 2025

Preview: ECB To Remain on Hold in December, Amid Lower Appetite For More Easing

Brunello Rosa

Nato Balavadze

by Brunello Rosa and Nato Balavadze

In this paper, we discuss:

  • ECB’s expected decision to remain on hold in December;
  • Our latest assessment of the EZ economy, underscoring a slow but steady recovery;
  • Stronger-than-expected growth and sticky inflation, reinforcing the view that the easing cycle is over; and
  • The expected market reaction.

Download PDF: ECB Preview December 2025

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