# UBS On-Air: Paul Donovan Daily Audio 'How bad is the ECB error?'

Page: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-how-bad-is-the-ecb-error
Text version: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-how-bad-is-the-ecb-error.md
Podcast: [UBS On-Air: Market Moves](https://stenobird.com/podcast/ubs-on-air-market-moves-2992243)
Published: 2026-06-11T06:20:00+00:00
Episode link: https://www.ubs.com/content/dam/podcasts/wma/260611-how-bad-is-the-ecb-error.mp3
Audio file: https://www.ubs.com/content/dam/podcasts/wma/260611-how-bad-is-the-ecb-error.mp3
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Duration seconds: 200

## Resource

The ECB is almost certain to commit a policy mistake today. Raising rates will not change Eurozone inflation or inflation expectations. This policy is stuck in an unhelpful 2022 mindset. Consumers will continue to reduce savings rates to pay for higher oil prices. The main consequence of today’s error is to increase fragility in the economy, rather than doing more serious damage.

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## Transcript

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