Frankfurt, September 28 (QNA) – European Central Bank (ECB) President Christine Lagarde reiterated the bank’s determination to contain the high levels of inflation.

German news agency DPA quoted Lagarde as saying that ECB will do what it has to do. This means raising interest rates in the next few meetings.

She added that if the bank does not do its duty to ensure price stability, the economy will be hurt even more.

The bank seeks to maintain the inflation rate at 2 percent, when in fact in August, consumer prices in the Eurozone rose by 9.1 percent compared to the same month of 2021.

Rising energy prices and supply problems are among the factors escalating the inflation rate for months.

Christine Lagarde spoke of forecast errors, stating that the bank’s expectations underestimated the situations current developments.

After having raised the interest rate in July and September, it now stands at 1.25 percent in the Eurozone. The ECB Governing Council’s next regular meeting is scheduled to take place on October 27.

(QNA)

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