Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mark Schieritz and Kolja Rudzio on 19 June 2026

25 June 2026

There is now a ceasefire in the Middle East, and oil prices have fallen. What does this mean for the economy in Europe, and in Germany in particular?

This is good news for Europe and the global economy. The war has weighed on growth, and its end could now provide renewed momentum. At the ECB, our primary concern is, of course, the rise in inflation. In recent months, this rise has been driven largely by high energy prices, which have fallen sharply following the preliminary peace agreement.

Do you mean, for example, that prices at petrol stations have fallen? Does this mean that the worst of the inflation is behind us?

I wouldn’t say that. Energy prices have fallen, but they are still measurably higher than before the war. We are looking in particular at energy prices for deliveries in the coming years, and these remain elevated….