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ECB: Cipollone Q&A: Reassess Position On Structural Portfolio In 2026

ECB
BundesbankCentral Bank NewsEM BulletEuropean Central BankEmerging Market NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Q: The market is expecting a structural portfolio announcement. Can you give an update on the timeline?
    A: We will reassess our position in 2026. Currently structural liquidity needs are fulfilled by the legacy portfolios, so there is no need to intervene now. The time will come.

 

  • Q: If you needed to ease the central bank stance further and quickly, would you cut rates more or stop QT? How do you weigh these two decisions?
    A: Let me give my personal view: If something happens, it will be silly not to use all the instruments we have. I don’t have in mind the exact reaction function right now. When we make projections, we study the reaction of the economy to different policy paths. Regarding transmission, things like TPI are also part of the toolkit.
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  • Q: The market is expecting a structural portfolio announcement. Can you give an update on the timeline?
    A: We will reassess our position in 2026. Currently structural liquidity needs are fulfilled by the legacy portfolios, so there is no need to intervene now. The time will come.

 

  • Q: If you needed to ease the central bank stance further and quickly, would you cut rates more or stop QT? How do you weigh these two decisions?
    A: Let me give my personal view: If something happens, it will be silly not to use all the instruments we have. I don’t have in mind the exact reaction function right now. When we make projections, we study the reaction of the economy to different policy paths. Regarding transmission, things like TPI are also part of the toolkit.