{"id":444469,"date":"2026-02-05T15:31:12","date_gmt":"2026-02-05T14:31:12","guid":{"rendered":"https:\/\/www.eunews.it\/2026\/02\/05\/dazi-e-guerre-offuscano-le-prospettive-economiche-la-bce-lascia-invariati-i-tassi\/"},"modified":"2026-02-05T16:32:06","modified_gmt":"2026-02-05T15:32:06","slug":"tariffs-and-wars-cloud-economic-outlook-ecb-leaves-rates-unchanged","status":"publish","type":"post","link":"https:\/\/www.eunews.it\/en\/2026\/02\/05\/tariffs-and-wars-cloud-economic-outlook-ecb-leaves-rates-unchanged\/","title":{"rendered":"Tariffs and wars cloud economic outlook, ECB leaves rates unchanged"},"content":{"rendered":"

Brussels – Overall, there are no conditions for easing monetary policy<\/strong> and further reducing interest rates<\/strong>, which the European Central Bank’s executive committee<\/a> is leaving unchanged<\/strong>. The decision, explains ECB President Christine Lagarde<\/strong> at the end of the meeting, is due to the “mixed” nature of the overall context. On the one hand, inflation is expected to stabilise at the 2 per cent target in the medium term, and the economy continues to show “good resilience in a difficult global environment.” On the other hand, “the outlook remains uncertain<\/strong>, mainly due to the unpredictability of trade policies and ongoing geopolitical tensions worldwide.” <\/p>\n

As it did at its last meeting in 2025, the ECB Governing Council opted for prudence and caution<\/strong> at its first meeting in 2026. The interest rate on deposits with the central bank therefore remains at 2 per cent, the rate on main refinancing operations remains at 2.15 per cent, and the rate on marginal refinancing operations is confirmed at 2.40 per cent. The pause<\/strong> started in July<\/a>, therefore, continues<\/strong><\/span> until the data suggest otherwise. Because, as Lagarde reminds us once again, the ECB will continue to rely on the information available, and this will be the deciding factor. <\/p>\n

Lagarde wants to make clear that “we cannot be prisoners of a single indicator,” specifically inflation. Developments here are positive, but there are many factors to consider. For example, she lists, “further friction in international trade could disrupt supply chains, reduce exports, and weaken consumption and investment.” Furthermore, “geopolitical tensions, in particular Russia’s unjustified war against Ukraine, remain a major source of uncertainty,” <\/p>\n

ECB: “Global trade remains subdued”<\/a><\/p><\/blockquote>\n