Lagarde comments at ECB press conference
2022.10.27 09:10
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© Reuters. European Central Bank (ECB) President Christine Lagarde attends a news conference following the ECB’s monetary policy meeting in Frankfurt, Germany October 27, 2022. REUTERS/Wolfgang Rattay
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FRANKFURT, Oct 27 (Reuters) – The European Central Bank raised its key interest rate by 75 basis points on Thursday to 1.5%, the highest level since 2009, and signalled an intention to start mopping up cash from the banking system to fight record-high inflation.
Following are highlights of ECB President Christine Lagarde’s comments at a news conference after the policy meeting.
SIGNIFICANT SLOWING
“Economic activity in the euro area is likely to have slowed significantly in the third quarter of the year, and we expect a further weakening in the remainder of this year and the beginning of next year.”
(Reuters Global News Desk)
