2023-11-05 08:50:38
The slowdown in inflation “is definitely our estimate”, the president of the European Central Bank, Christine Lagarde, said on Saturday, and the ECB is determined to return prices to its target, reports Bloomberg.
President of the European Central Bank (ECB), Christine LagardePhoto: Daniel Roland / AFP / Profimedia Images
“We are determined to bring inflation back to 2%. According to our estimates, we will get there in 2025,” the head of the ECB stated for the Greek publication Kathimerini.
Lagarde explained that she is not worried regarding the political implications of the ECB’s efforts, which have been criticized by some European governments, worried that high interest rates will stifle economic growth.
“Our mandate is to ensure price stability, and this is the best contribution we can make to social peace and for society, especially for its most vulnerable members,” indicated the ECB official.
At its monetary policy meeting on October 26, the European Central Bank took a break from the longest rate-hiking cycle in the institution’s 25-year history, pointing out that the latest data showed inflation slowing slightly towards its 2% target . Thus, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at the levels of 4.50%, 4.75% and 4.00%, respectively. This is the highest level of interest since the launch of the euro in 1999.
Lagarde said key performance indicators for Greece’s economic and financial situation show “an improvement in all aspects”.
In October, the financial evaluation agency S&P Global revised upward the country’s rating to “investment-grade” (recommended for investment), following 13 years in which it was downgraded to “junk” (not recommended for investment).
“I understand that several reforms are underway, but, overall, the results of the country’s efforts are impressive,” Lagarde appreciated.
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