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Research
Oct 28, 2025

Preview: ECB To Stay on Hold in October, And Signal No Urgency To Cut Rates

Nouriel Roubini

Brunello Rosa

Nato Balavadze

by Brunello Rosa, Nouriel Roubini and Nato Balavadze

In this paper, we discuss:

  • The state of the Eurozone economy, which remains sluggish with inflation near target;
  • Why we expect the ECB to keep rates on hold in October, and possibly also in December; 
  • How the economy has performed compared to the September forecasts; and 
  • The expected market reaction. 

Download PDF: ECB Preview October 2025

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