No ECB rate cut in 2026?

The European Central Bank appears to have adopted a wait-and-see stance. With the deposit rate held at 2%, inflation now close to target, and growth still fragile in the euro area, markets are not expecting any rate cuts in 2026. Should we expect a prolonged status quo, or could the next move even be up? Strong euro, economic slowdown, balance-sheet policy, impact on France and on bond markets: how much room for manoeuvre does the ECB really have left?

Analysis with Juliette Cohen, Senior Strategist at CPRAM.