Berenberg analyst Holger Schmieding expects the ECB deposit rate to reach 3% by
mid-2029 (current 2.25%), revising a prior 2028 call. He says a temporary
US–Iran agreement lowering energy costs could push eurozone inflation below 2%
in early 2027, which could delay ECB tightening until end-2028; thereafter
Demographic-driven labor‑supply declines should lift wages and force the
central bank back to hiking.
