ECB weighs restrictive monetary policy as euro holds second-most-traded currency status
The European Central Bank is considering a shift toward restrictive monetary policy as the euro maintains its position as the world’s second most-traded currency, behind the U.S. dollar. According to sources close to the ECB’s Governing Council, the institution is debating whether to move into restrictive territory after setting its key rate at 2.5% in its latest monetary policy meeting, the highest level since March 2025 .
The ECB’s current stance reflects confidence in its normalization cycle, with officials ruling out larger rate hikes of 50 basis points in the near term. While inflation has risen due to persistent disruptions, such as the closure of the Strait of Hormuz amid conflict in Iran, members believe a gradual approach remains appropriate. ECB President Christine Lagarde has noted that inflationary pressures have been less severe than expected in areas like food and wages, reducing the risk of second-round effects .
The euro remains a cornerstone of global trade, circulating in 19 of the 27 EU member states and serving as legal tender for 341 million people. Approximately €1.4 trillion in euro banknotes are in circulation worldwide, reinforcing its role as a major reserve currency . The ECB oversees monetary policy for the euro, including its issuance and the preservation of its purchasing power.
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