La decisión de octubre de mantener sin cambios la tasa de depósito básica del BCE en 2.0% fue unánime, según las actas, y “los miembros coincidieron en general” con el economista jefe, Philip Lane, en que la inflación está bajo control.La decisión de octubre de mantener sin cambios la tasa de depósito básica del BCE en 2.0% fue unánime, según las actas, y “los miembros coincidieron en general” con el economista jefe, Philip Lane, en que la inflación está bajo control.

El BCE deja la puerta abierta a recortes de tasas

2025/11/28 11:54

El Banco Central Europeo (BCE) considera que las tasas de interés se encuentran en el nivel adecuado por ahora, según se desprende de las actas de su reunión de octubre publicadas ayer, aunque se deja la puerta abierta a posibles recortes de réditos en el futuro.

La decisión de octubre de mantener sin cambios la tasa de depósito básica del BCE en 2.0% fue unánime, según las actas, y “los miembros coincidieron en general” con el economista jefe, Philip Lane, en que la inflación está bajo control.

“La mayoría de los indicadores de las expectativas de inflación a largo plazo se mantuvieron en torno a 2.0%”, mientras que “los últimos indicadores apuntan a la resistencia de la actividad económica mundial”.

Tras dos años de recortes de tasas, el BCE las ha mantenido sin cambios en sus tres últimas reuniones, ya que la inflación se ha desacelerado desde un máximo de 10.6% en el 2022 hasta situarse en torno al objetivo de 2.0% del banco central.

Sin embargo, la ralentización del crecimiento salarial y el moderado crecimiento de la zona euro, que lastran la inflación, han llevado a algunos observadores a esperar recortes de réditos en el 2026, y las actas indican que los miembros debatieron la necesidad de mantener una “mentalidad totalmente abierta” ante posibles recortes futuros.

“Aunque la economía no es tan débil como para implicar definitivamente un incumplimiento del objetivo a medio plazo, seguía sin estar claro si la economía tenía suficiente impulso para alcanzar el objetivo”, señalan las actas.

“El consejo de gobierno se encuentra en una buena posición desde el punto de vista de la política monetaria, aunque esto no debe considerarse como una posición fija”.

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