Saltmarsh Economics European economist Marchel Alexandrovich says the ECB held rates as expected but signalled a December rate hike remains a likely option, citing upside risks to the inflation outlook. ECB President Lagarde confirmed she will depart in February next year rather than the previously expected October; together with expected near-term exits for Isabel Schnabel and Chief Economist Philip Lane, the ECB faces a major leadership reshuffle in 1H 2027. Saltmarsh expects next year’s polic

Saltmarsh Economics European economist Marchel Alexandrovich says the ECB held rates as expected but signalled a December rate hike remains a likely option, citing upside risks to the inflation outlook. ECB President Lagarde confirmed she will depart in February next year rather than the previously expected October; together with expected near-term exits for Isabel Schnabel and Chief Economist Philip Lane, the ECB faces a major leadership reshuffle in 1H 2027. Saltmarsh expects next year’s policy stance or actions to remain broadly unchanged, but says market-facing communications under the new leadership will be a key risk for rates and market positioning.