Dr Dirk Schumacher – Chief Economist of KfW

Dr Dirk Schumacher has been KfW Chief Economist and head of the company's economics department since April 2025.

Media and Comments on Current Topics

12.12.2025 | Comments on the upcoming ECB meeting on 18 December 2025

Mitarbeiter tauschen sich während einer Besprechung aus.

"The combination of moderate growth in the Euro Area in the third quarter and an inflation rate close to the two per cent target means that the ECB will leave interest rates unchanged on Thursday. The new ECB staff projections are unlikely to change this macroeconomic picture of solid growth and an inflation rate of around two per cent. The ECB will therefore leave interest rates at their current level for the foreseeable future. However, given the difficult geopolitical situation, there is no shortage of risks that could change the outlook. In particular, the strength of the euro against the US dollar, but also against the Chinese renminbi, and a sharp rise in Chinese imports are weighing on the economy and could necessitate a monetary policy response at a later date. The recovery in Germany could also be weaker than expected, or the trade conflict with the US could flare up again. The ECB will therefore send a clear signal on Thursday that it will adjust its course in all directions if necessary."