Isabel Schnabel: Interview with Die Zeit

There is now a ceasefire in the Middle East, and oil prices have fallen. What does this mean for the economy in Europe, and in Germany in particular?

This is good news for Europe and the global economy. The war has weighed on growth, and its end could now provide renewed momentum. At the ECB, our primary concern is, of course, the rise in inflation. In recent months, this rise has been driven largely by high energy prices, which have fallen sharply following the preliminary peace agreement.

Do you mean, for example, that prices at petrol stations have fallen? Does this mean that the worst of the inflation is behind us?

I wouldn’t say that. Energy prices have fallen, but they are still measurably higher than before the war. We are looking in particular at energy prices for deliveries in the coming years, and these remain elevated. Although the short-term situation now looks better than we had expected, the ceasefire is no reason for monetary policymakers to let their guard down.

Why are the medium-term energy prices you're talking about not falling more sharply?

There are many reasons for this. It is unclear how durable the peace agreement really is. It may also take months bef

Fuente original: Banco Central Europeo (https://www.ecb.europa.eu//press/inter/date/2026/html/ecb.in260626~c18c7252f3.en.html)