REVIEW: ECB Keeps Rates Unchanged, and Doesn’t Pre-Commit On Future Moves

by Brunello Rosa and Nato Balavadze

In this paper we discuss:

• The ECB’s assessment of the EZ economy, which has proven more resilient to shocks than expected;
• The decision to keep rates on holds this month, and the likely neutral stance in coming months; 
• The revisions to the growth and inflation outlook, which remained broadly in line with June’s projections; and 
• The muted market reaction given the expected decision. 

Download PDF: ECB Review September 2025