“We will not allow this period of high inflation to affect economic behavior and create a chronic problem,” the ECB president said, acknowledging that price rises in the euro zone “turned out to be much higher and more persistent than initially expected.” .
The European Central Bank must do everything it can to prevent price increases from taking hold, ECB chief Christine Lagarde has said, referring to tackling inflation.
In an economic environment deeply disturbed by the effects of the pandemic and the war in Ukraine, “monetary policy cannot prevent the first effects of many such shocks. But he can ensure that they do not become entrenched. This is exactly what the ECB is doing,” Lagarde said in a speech in Frankfurt.
“We will not allow this period of high inflation to affect economic behavior and create a chronic problem,” the ECB president said, acknowledging that price rises in the euro zone “turned out to be much higher and more persistent than initially expected.” .
In September, the European Central Bank took a historic step, raising its key interest rates by 75 basis points, which had not been done before since the introduction of the single European currency.
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