ECB Governing Council member Jozef Makuch said risks to the Eurozone are broadly balanced and the central bank’s stance was correct. He added policy makers were “not underestimating the risks” but “analyzing them”. And, “based on what we know now, the development is stable, risks are balanced, with some downside risks to GDP growth.” He also noted there is no reason to “spread gloomy mood or panic”.

Makuch also pointed out that Trump is like an “unguided missile” and the unpredictably of his policies is the biggest risks of the Eurozone economy. He noted that the erratic nature of Trump as “he says something and in the end something else happens”. Meanwhile, he played down risks from emerging markets and said the governing council sees no signs of spillover.

Meanwhile, Makuch is considering stepping down early as head of Slovakia’s central bank. He’s term supposedly end in 2021. He noted that the elections in spring 2020 would be highly divisive. That could lead to the post being vacant for an extended period. To him, Finance Minister Peter Kazimir would be a “good governor” to replace him. He hailed that Kazimir “Ecofin deals with all important monetary issues”, so the lack of experience in central banking is not a problem.

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