ECB and Euro Area Economy Monitor - 2026-04-29

A wait-and-see holding statement from the ECB on the inflation and growth effects of the oil shock, broadly very much like what the Fed did yesterday. Meanwhile, the BOE this morning also left rates unchanged, but with an overt argument that they may not have to raise rates, because a weakening economy will contain inflationary pressures (of course, inflation has little to do with growth, even assuming you are willing to allow breadlines to form in front of soup kitchens to control it).