European Central Bank officials signalled continued caution on monetary policy amid lingering geopolitical and fiscal risks. Governing Council member Christodoulos Patsalides told Politis newspaper that euro-area inflation remains broadly in line with the ECB’s projections, but said the outlook is clouded by uncertainty tied to recently introduced trade tariffs. He added that it is "premature" to interpret the Governing Council’s decision to leave interest rates unchanged in July as the start of a prolonged pause. In a separate interview with Ireland’s Business Post, fellow Governing Council member and Irish central bank governor Gabriel Makhlouf said the ECB can adopt a "wait-and-see" approach for future rate decisions. Makhlouf also cautioned that the Irish government’s new budget plan risks overheating the domestic economy, underscoring concerns that looser fiscal policy could complicate the ECB’s efforts to keep inflation in check.