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  • The ECB held its deposit rate at 2.00% for the third straight meeting yesterday, as widely expected. 
  • Its new forecasts, showing growth at potential and inflation at target, suggest no further easing. 
  • The next rate move will likely be up, in 2027; we see two 25bp hikes, taking the deposit rate to 2.50%.

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Keywords for: 19 December 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence