Aberdeen: Explicit ECB intervention in French bond market still a long way off

Aberdeen: Explicit ECB intervention in French bond market still a long way off

11 september 2025

ECB Frankrijk

Luke Bartholomew, Deputy Chief Economist at Aberdeen, comments on today's ECB interest rate decision:

'No surprises in the European Central Bank (ECB) decision today, which was always going to involve keeping policy on hold. The more pressing question is whether the ECB has finished easing or instead is pausing briefly before delivering more cuts in the future. The economic forecasts do seem to be broadly consistent with this easing cycle now being complete. And if we continue to think the next move will likely be a hike rather than a cut, albeit that this is likely to be sometime in the future. Of course, a very big increase in French borrowing costs could still derail the eurozone’s economy and cause further easing. But explicit intervention by the ECB in the French debt market remains a long way off.'

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