29.10.2026 - “The interest rate pause by the European Central Bank is understandable given the challenging political and economic circumstances. The market-expected bond yields of some European countries are rising and coming under increasing pressure. Inflation in the euro area remains significantly above the two per cent target, while financing conditions for many companies are already difficult. Surveys among banks and companies show that credit lending is becoming noticeably more restrictive. Reliable and affordable financing options are crucial for medium-sized businesses to tackle urgently needed investments in digitalisation, transformation, and growth. 

The ECB should naturally focus on its task of ensuring price stability. However, it has a certain degree of flexibility that it should use to keep in mind the economic consequences of its monetary policy. Given the current inflation trend, the call for additional rate hikes is understandable. However, the special effects of rising energy prices should also be considered for an appropriate assessment. The core inflation rate, at 2.5 per cent, is significantly closer to the Central Banks' price stability target than the published figure. The coming weeks will be decisive in determining whether the price surge solidifies or returns towards the target mark. Businesses now need one thing above all: as stable framework conditions and planning security as possible.”