ECB policymaker Gabriel Makhlouf warns of slowing growth and inflation risks

Gabriel Makhlouf gabriel makhlouf, a policymaker for the European Central Bank, warned on February 6, 2026, that a loss of growth momentum in the euro zone economy or a more entrenched undershoot of the 2% inflation target pose risks to the bank's outlook. In a blog post published on the website of the Irish central bank IE, Makhlouf gabriel makhlouf indicated that these specific developments are critical factors that the institution is currently evaluating.

The warning comes as the European Central Bank monitors the stability of the euro zone economy. Makhlouf gabriel makhlouf identified long-run inflation expectations and wage growth as the primary variables the bank will watch to assess the situation. These indicators are vital because they relate directly to the measures the bank uses to determine and adjust its monetary policy stance for the euro area.