ECB officials deliver speeches on monetary policy outlook
European Central Bank executives gave key speeches in late September 2025, addressing inflation trends and economic stability in the euro area. The addresses highlighted ongoing challenges in balancing growth and price stability amid global uncertainties.
On September 29, 2025, ECB Executive Board member Philip Lane delivered a speech titled 'Monetary Policy in a Changing World,' focusing on the bank's strategy for navigating persistent inflation pressures. Lane emphasized that 'inflation remains above our 2% target, but progress is evident,' citing data showing euro area inflation at 2.5% in August 2025. He discussed the role of interest rate adjustments, noting the deposit facility rate stood at 3.75% following the latest Governing Council decision.
The following day, September 30, 2025, saw two additional speeches. First, ECB President Christine Lagarde spoke on 'Financial Stability and Resilience,' underscoring the need for vigilance against geopolitical risks. Lagarde stated, 'The euro area's financial system is robust, yet we must remain proactive in addressing vulnerabilities from trade tensions.' She referenced the ECB's Financial Stability Review, which reported bank capital ratios at 15.2% and low non-performing loan levels.
In the second speech on September 30, Vice President Luis de Guindos addressed 'Economic Prospects for the Euro Area,' providing context on growth forecasts. De Guindos noted that GDP growth was projected at 1.2% for 2025, down from earlier estimates due to subdued external demand. He highlighted, 'Wage growth moderation is supporting disinflation, but energy prices pose upside risks.' All speeches occurred in Frankfurt, Germany, and were part of the ECB's public communication efforts ahead of the October Governing Council meeting.
These addresses provided balanced perspectives, with no major contradictions among the sources. Lane's focus on inflation aligned with Lagarde's stability concerns, while de Guindos offered quantitative economic insights. The speeches reinforced the ECB's commitment to data-dependent policy, avoiding speculation on future rate moves.