The ECB Vice President warned that rising geopolitical tensions are adding downside risks to global growth, especially for countries that rely on trade and have high debt.
The eurozone has so far remained resilient, supported by consumption, investment, a strong services sector and a stable labor market, although the industrial and construction sectors remain flat.
The ECB has revised up its economic growth forecast, with expansion expected to exceed 1% in 2026 and increase in the years following.
Inflation has remained stable around its 2% target, but negative shocks such as renewed trade tensions or doubts about US fiscal policy could trigger sharp shifts in market sentiment.
De Guindos stressed that financial markets may be underestimating the real risks, while calling for deeper European integration to reduce vulnerability to future shocks.
