ECB President Lagarde growth was broad-based across most countries and sectors, and this pattern is expected to have continued in Q3

Manufacturing is performing solidly. Labour market remains robust. Major technological advancements have not reduced employment, but right now the verdict on AI is still out. Outlook continues to be surrounded by higher uncertainty. Inflation outlook will be higher in 2027 and 2028 than expected a few months ago. Remain in the middle path for monpol that laid out earlier this year. View a measured response as appropriate to keep inflation in check. AI could lower inflation in the long term by boosting productivity.