"As long as no new inflation risks arise, we believe the ECB will continue to focus on continuity and a longer period of stable interest rates."

"The ECB's decision to keep key interest rates, which have remained unchanged since mid-2025, stable is not surprising to us. In doing so, it is continuing the course of cautious, data-dependent normalisation and avoiding new uncertainties for companies and households. Inflation in the eurozone in December 2025 was below the ECB's target of 2 percent for the first time in months at 1.9 percent. In Germany, too, inflation was moderate at 1.8 percent. At the same time, the eurozone economy is expanding at a moderate pace of just over one percent per year, which argues against tightening monetary policy. A stable interest rate supports this fragile recovery, stabilises financing conditions and at the same time leaves open the option of reacting flexibly in the event of a renewed acceleration in inflation or an unexpected slowdown in growth. As long as no new inflation risks arise, we believe the ECB will continue to focus on continuity and a longer period of stable interest rates."