Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Andrés Stumpf on 4 November 2025

11 November 2025

Might the European Central Bank lower interest rates further?

The current level is appropriate, but we will continue to be data-dependent and will decide one meeting at a time. At the last meeting we kept interest rates unchanged, as the data since the September meeting largely confirmed September’s assessment that inflation is converging towards our 2% target in the medium term, stabilising around that level by the end of the projection horizon.

Our monetary policy is in a good place. It’s true that the economic environment remains uncertain, so we cannot commit to a pre-determined interest rate path. What we need to do is to make sure that the rates are consistent with achieving our target, and so far they are.

Could that good place change for monetary policy if the December projections point…