ECB Governing Council Maintains Restrictive Stance Amid Economic Uncertainty

The European Central Bank's (ECB) Governing Council continues to signal a restrictive stance on monetary policy, according to the ECB Transparency Monitor run by ZEW Mannheim. The monitor assesses public speeches by council members using an Opinion Score, which ranges from, 1 (dovish) to +1 (hawkish).

In the third quarter of 2026, the divergence between dovish and hawkish positions stood at around 0.30, well below previous levels of disagreement.

The ECB Transparency Monitor's Opinion Score evaluates public statements by council members at six-week intervals, providing early indications of how the consensus within the Governing Council is evolving.