ECB’s Kocher: Eurozone Economy Proving Resilient to Shocks

Kocher's framing of sudden market adjustments and geopolitics as the primary risks, rather than domestic imbalances, suggests the ECB sees resilience as conditional on external conditions holding. That distinction matters for how policy space is judged: a shock-tolerant economy implies less urgency to move rates in either direction. The open question is whether this resilience assessment is shared across the Governing Council or remains a national-view outlier.