---
title: "European Central Bank Governing Council member Kazaks: Inflation risks remain, discussing interest rate cuts is \"premature\""
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/267706280.md"
description: "European Central Bank Governing Council member Kazaks stated that inflation risks in the Eurozone still exist, and it is too early to discuss interest rate cuts. Although forecasts indicate that inflation will slightly decline, the core inflation rate remains well above 2%. Kazaks emphasized that inflation data for 2026 and 2027 is more valuable for reference, and the transmission of monetary policy requires one to two years. The potential delay in the implementation of the EU Emissions Trading System may help stabilize inflation, but core inflation still needs attention"
datetime: "2025-11-27T13:14:02.000Z"
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  - [zh-CN](https://longbridge.com/zh-CN/news/267706280.md)
  - [en](https://longbridge.com/en/news/267706280.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/267706280.md)
---

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# European Central Bank Governing Council member Kazaks: Inflation risks remain, discussing interest rate cuts is "premature"

According to the Zhitong Finance APP, Martins Kazaks, a member of the European Central Bank's Governing Council, stated on Thursday that it is still too early to discuss another interest rate cut, given that inflation in the eurozone may still be higher than expected.

In the first half of this year, as the price increase fell back to the target level of 2%, the European Central Bank halved its policy interest rate, but the rate has remained unchanged since then—even though forecasts indicate that inflation will slightly decline and the economy will show moderate growth.

As the next European Central Bank meeting on December 18 approaches, Kazaks pointed out that it is not the right time to lower borrowing costs, as the core inflation rate is still well above 2%, and inflation faces two-way risks.

The Latvian central bank governor emphasized in an interview: "Based on the data currently available, I believe the timing for discussing an interest rate cut is not yet ripe."

At the upcoming meeting, European Central Bank rate setters will receive inflation forecasts for the next three years. Kazaks stressed that the inflation data for 2026 and 2027 is more valuable than the preliminary forecast for 2028.

He explained: "We certainly need to study the latest forecasts first, but I will focus on 2026 and 2027—monetary policy transmission typically takes one to two years, and three-year forecasts have a larger margin of error, especially in the current uncertain environment."

According to the latest forecasts released by the European Central Bank in September, the inflation rate is expected to be 1.7% in 2026 and rise to 1.9% in 2027.

Kazaks acknowledged that the potential delay in the implementation of the EU carbon emissions trading system ETS2 could "moderate" inflation, but he also emphasized that decision-makers still need to "continuously monitor the core inflation indicators that remain well above 2%."

He pointed out that downward risks such as adjustments to the ETS2 policy, the influx of Chinese goods into the European market, and the potential appreciation of the euro "have become relatively clear," but upward risks such as trade fragmentation cannot be ignored either

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