ECB Review: Still in a Good Place

The ECB held policy rates steady in February 2026, reiterating a data-dependent stance without committing to a future rate path. SEB expects no significant change in bank communication until the next staff projection rounds in March or June.

Key Takeaways

• 1.The ECB unanimously left policy rates unchanged (DFR at 2.00%) and maintained its data-dependent, meeting-by-meeting approach.
• 2.No new staff projections were presented; future shifts in policy communication are likely deferred until the March or June meetings.
• 3.Inflation risks are currently assessed as broadly balanced, despite an extensive list of potential upside and downside factors.

Table of Contents

• Key points
• Non-event but long list of risks
• Marginal market impacts
• Key conclusions from Q&A at the press conference

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