Preview: ECB To Remain on Hold In September Given Reduced Policy Uncertainty

by Brunello Rosa and Nato Balavadze

In this article we discuss:

• Our latest assessment of the Eurozone economy, which is slowing down;
• The pause we expect in the ECB’s easing cycle this month;
• The possibility by the ECB to resume its easing cycle later on, following the Fed’s cuts; 
• The downward revision to the growth and inflation outlook we expect in the new projections; and 
• The muted market reaction we expect about this meeting. 

Download PDF: ECB Preview September 2025