The President of the European Central Bank (ECB), Christine Lagarde, promised wednesday do “whatever it takes” to restore price stability, at a symposium at the World Trade Organization (WTO) in Geneva.
“We are going to restore price stability and we will do whatever is necessary,” Lagarde said, referring to high inflation in most eurozone countries.
The head of the ECB had already referred to this, since she considers that “inflation is very high” and assured that they will insist on strengthening monetary policy. Most likely, the new update will be located in the 50 basis points.
Lagarde also stressed “that the first victims of high inflation are the disadvantagedthe vulnerable, the underpaid, that is, women”.
Last week, Lagarde had suggested that rises in interest rates by the institution who drives would continue beyond March to curb inflation.
“As ECB President, my work is quite limited, but it is of the utmost importance and it is price stability, that is, the fight against inflation generated by the energy crisis, caused by the terrible war against Ukraine”, stressed Lagarde, in the colloquium together with the director general of the WTO, Ngozi Okonjo-Iwealaon the occasion of International Women’s Day.
The ECB raised rates three percentage points since July in five consecutive meetingsan unprecedented shift in the face of inflation that stands at levels four times higher than the institution’s target (2% in the medium term).
The annual inflation rate in the euro area fell in February for the fourth consecutive month, to 8.5% year-on-year, after 8.6% in January, according to Eurostat, but the decline was less than expected.
Source: Ambito
