What did ECB Vice President Boris Vujcic say about the role of energy prices in shaping the ECB's interest rate decisions?

Vujcic stated that while 'the pricing of the interest rate path is being driven mainly by rising energy prices,' the ECB does not look solely at energy prices but at 'a much broader set of data and criteria when making monetary policy decisions,' emphasizing it would 'not be advisable to focus exclusively on energy prices, however important they are.'

According to Vujcic, how might persistently high energy prices affect the euro zone economy beyond inflation?

Vujcic warned that persistently high energy prices would not only push up inflation but could also weaken economic growth by squeezing household incomes and spending, noting that 'if inflation remains high through the autumn and affects household incomes and consumer behaviour, that will also have a dampening impact on GDP,' and that a cold winter would compound this effect by raising heating bills.

ECB's Vujcic Cools Oil-Fuelled Bets on Rate Hikes

Sep 17, 2026

ECB Vice President Boris Vujcic cautioned investors against relying solely on energy prices for interest rate predictions, noting broader economic indicators matter more despite high fuel costs impacting inflation.

reuters

ECB's Vujcic Cools Oil-Fuelled Bets on Rate Hikes

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