{"id":33504,"date":"2025-09-12T06:22:33","date_gmt":"2025-09-12T06:22:33","guid":{"rendered":"https:\/\/xlence-com.wp-dev.int.theitops.net\/news-analysis\/ecbs-kazaks-there-cannot-be-a-pre-determined-path-for-ecb\/"},"modified":"2025-12-17T13:23:12","modified_gmt":"2025-12-17T13:23:12","slug":"ecbs-kazaks-there-cannot-be-a-pre-determined-path-for-ecb","status":"publish","type":"news_analysis","link":"https:\/\/www.xlence.com\/ar\/news-analysis\/ecbs-kazaks-there-cannot-be-a-pre-determined-path-for-ecb\/","title":{"rendered":"ECB&#8217;s Kazaks: There cannot be a pre-determined path for ECB"},"content":{"rendered":"<p>Speaking in a CNBC News interview on Friday, European Central Bank (ECB) policymaker Martins Kazaks\u00a0said that \u201cthere cannot be a pre-determined path for the ECB.\u201d<\/p>\n<h2 class=\"fxs_headline_from_medium_to_large\"><strong>Additional comments<\/strong><\/h2>\n<blockquote><p>ECB forecast very similar to where it was in June.<\/p>\n<p>Risk still remains elevated.<\/p>\n<p>Meeting-by-meeting approach is still right.<\/p>\n<p>We are in good place on inflation.<\/p>\n<p>Lagarde was clear that we don&#8217;t see France stress.<\/p>\n<p>December meeting is rich, projections will show if there is deviation from 2% target and how persistent and large it may be.<\/p>\n<p>If ETS 2 carbon-pricing system doesn&#8217;t happen, that would have quite a sizeable downside impact on inflation.<\/p>\n<p>Flags exchange rate and Chinese trade flows as key risks.<\/p>\n<p>Should stick to meeting by meeting approach, remain data dependent.<\/p><\/blockquote>\n<h2 class=\"fxs_headline_from_medium_to_large\"><strong>Market reaction<\/strong><\/h2>\n<p>These comments had little impact on the Euro (EUR), as EUR\/USD loses 0.08% so far, trading at 1.1725 when writing.<\/p>\n<div class=\"post-module\">\n<div id=\"content-module-faq-Forex-central-banks-481\" data-type=\"faq\" data-module=\"faq\" data-config-topic=\"central-banks\" data-config-category=\"Forex\" data-version=\"v1\" data-content-module-translate=\"0\">\n<div class=\"fxs-faq-module-wrapper\">\n<h2 class=\"fxs-faq-module-title\">Central banks FAQs<\/h2>\n<div class=\"fxs-faq-module-container\"><input id=\"content-module-faq-Forex-central-banks-481accordion0\" checked=\"checked\" type=\"checkbox\" \/><\/p>\n<section class=\"fxs-faq-module-section\">\n<h3 class=\"fxs-faq-module-header\"><label for=\"content-module-faq-Forex-central-banks-481accordion0\"><br \/>\nWhat does a central bank do?<br \/>\n<\/label><\/h3>\n<p class=\"fxs-faq-module-content\">Central Banks have a key mandate which is making sure that there is price stability in a country or region. Economies are constantly facing inflation or deflation when prices for certain goods and services are fluctuating. Constant rising prices for the same goods means inflation, constant lowered prices for the same goods means deflation. It is the task of the central bank to keep the demand in line by tweaking its policy rate. For the biggest central banks like the US Federal Reserve (Fed), the European Central Bank (ECB) or the Bank of England (BoE), the mandate is to keep inflation close to 2%.<\/p>\n<\/section>\n<p><input id=\"content-module-faq-Forex-central-banks-481accordion1\" type=\"checkbox\" \/><\/p>\n<section class=\"fxs-faq-module-section\">\n<h3 class=\"fxs-faq-module-header\"><label for=\"content-module-faq-Forex-central-banks-481accordion1\"><br \/>\nWhat does a central bank do when inflation undershoots or overshoots its projected target?<br \/>\n<\/label><\/h3>\n<p class=\"fxs-faq-module-content\">A central bank has one important tool at its disposal to get inflation higher or lower, and that is by tweaking its benchmark policy rate, commonly known as interest rate. On pre-communicated moments, the central bank will issue a statement with its policy rate and provide additional reasoning on why it is either remaining or changing (cutting or hiking) it. Local banks will adjust their savings and lending rates accordingly, which in turn will make it either harder or easier for people to earn on their savings or for companies to take out loans and make investments in their businesses. When the central bank hikes interest rates substantially, this is called monetary tightening. When it is cutting its benchmark rate, it is called monetary easing.<\/p>\n<\/section>\n<p><input id=\"content-module-faq-Forex-central-banks-481accordion2\" type=\"checkbox\" \/><\/p>\n<section class=\"fxs-faq-module-section\">\n<h3 class=\"fxs-faq-module-header\"><label for=\"content-module-faq-Forex-central-banks-481accordion2\"><br \/>\nWho decides on monetary policy and interest rates?<br \/>\n<\/label><\/h3>\n<p class=\"fxs-faq-module-content\">A central bank is often politically independent. Members of the central bank policy board are passing through a series of panels and hearings before being appointed to a policy board seat. Each member in that board often has a certain conviction on how the central bank should control inflation and the subsequent monetary policy. Members that want a very loose monetary policy, with low rates and cheap lending, to boost the economy substantially while being content to see inflation slightly above 2%, are called \u2018doves\u2019. Members that rather want to see higher rates to reward savings and want to keep a lit on inflation at all time are called \u2018hawks\u2019 and will not rest until inflation is at or just below 2%.<\/p>\n<\/section>\n<p><input id=\"content-module-faq-Forex-central-banks-481accordion3\" type=\"checkbox\" \/><\/p>\n<section class=\"fxs-faq-module-section\">\n<h3 class=\"fxs-faq-module-header\"><label for=\"content-module-faq-Forex-central-banks-481accordion3\"><br \/>\nIs there a president or head of a central bank?<br \/>\n<\/label><\/h3>\n<p class=\"fxs-faq-module-content\">Normally, there is a chairman or president who leads each meeting, needs to create a consensus between the hawks or doves and has his or her final say when it would come down to a vote split to avoid a 50-50 tie on whether the current policy should be adjusted. The chairman will deliver speeches which often can be followed live, where the current monetary stance and outlook is being communicated. A central bank will try to push forward its monetary policy without triggering violent swings in rates, equities, or its currency. All members of the central bank will channel their stance toward the markets in advance of a policy meeting event. A few days before a policy meeting takes place until the new policy has been communicated, members are forbidden to talk publicly. This is called the blackout period.<\/p>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Speaking in a CNBC News interview on Friday, European Central Bank (ECB) policymaker Martins Kazaks\u00a0said that \u201cthere cannot be a pre-determined path for the ECB.\u201d<\/p>\n","protected":false},"author":2,"featured_media":33505,"template":"","news_category":[107],"class_list":["post-33504","news_analysis","type-news_analysis","status-publish","has-post-thumbnail","hentry","news_category-latest-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ECB&#039;s Kazaks: No Pre-Determined Path for ECB Policy<\/title>\n<meta name=\"description\" content=\"ECB&#039;s Kazaks says there cannot be a pre-determined policy path, stressing a meeting-by-meeting, data-dependent approach.\" \/>\n<meta name=\"robots\" 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