Escriva: Can't Preempt Direction of Next ECB Move

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00:00When we indicate that we make decisions meeting by meeting, no forward guidance, is because

00:08genuinely when we meet we examine all the factors.

00:13Factors are potential new elements in the outlook of shocks are very much two sided.

00:19We want to keep full optionality for our decisions, and that's the way we operate, and we have

00:26been operating.

00:27So in a way it's paradoxical, because at the same time that our central scenario is materializing

00:33and the risks are not emerging, at the same time, the outlook remains uncertain looking

00:40forward.

00:41So we have to be cautious, I would say.

00:44So that's the reason we are not preemptive anything.

00:47So you say the risks are balanced, that as things stand right now, that tracks, but we

00:54still have another few months to the end of the year.

00:57So are you saying that there is potential, if you're making a decision meeting by meeting,

01:01a potential for another cut by the end of the year?

01:04For another move, I would say another cut.

01:07I would not preempt the direction of any change, not in the future, no, why a cut?

01:16For another .