Top ECB policymaker warns that ‘worst-case scenarios’ are materialising

José Luis Escrivá, governor of the Bank of Spain and an ECB governing council member, warned of negative economic impacts from Donald Trump’s tariffs, potentially questioning the dollar’s reserve currency status. Escrivá highlighted uncertainties around the fallout of US policies and emphasized the importance of a coordinated European response. As investors anticipate an ECB rate cut, Escrivá suggested the euro could become a more attractive alternative amidst global financial turmoil and revised down Spain’s growth forecast for this year due to market volatility.

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