ECB’s Makhlouf says every monetary policy meeting could bring action

Makhlouf's meeting-by-meeting framing is a reminder that the ECB's rate path remains data-dependent rather than pre-committed, which matters for any market pricing European duration and the euro. For crypto and RWA participants, the read-through is indirect: euro-area policy uncertainty feeds into global liquidity expectations and the relative appeal of non-yielding assets. The open question is whether other Governing Council members echo this flexibility, which would signal a genuinely open calendar rather than a one-off comment.