欧洲央行：2025年12月欧洲央行货币政策决定报告（英文版）

Volatile global trade environment could disrupt supply chains and dampen exports, consumption and investment • Deteriorating financial market sentiment causing tighter financing conditions and greater risk aversion • Geopolitical tensions major source of uncertainty • Further increase in defence, infrastructure spending and productivity-enhancing reforms • Improvement in confidence stimulating private spending