Europe central bank chief to do 'whatever it takes' to tame inflation

AFP , Wednesday 8 Mar 2023

European Central Bank (ECB) president Christine Lagarde said Wednesday she will do whatever it takes to bring down high inflation and restore price stability.

Christine Lagarde
European Central Bank (ECB) President Christine Lagarde delivers a speech during a coversation event on the occasion of International Women s Day, at the WTO headquaters in Geneva on March 8, 2023. AFP


Speaking at the World Trade Organization in Geneva, Lagarde said the ECB will spare no efforts to combat the inflation lashing most of the countries in the eurozone.

"We will restore that price stability and we will do whatever it takes," she said.

"Those that are the prime victims of high inflation are the underprivileged, the vulnerable," she said. "It's not a pretty situation."

Speaking alongside WTO chief Ngozi Okonjo-Iweala at an event marking International Women's Day, Lagarde highlighted that women were among those feeling the inflation crunch the most.

"The lowest paid, are the women."

The ECB has raised interest rates at an unprecedented pace since last July to bring inflation back down to its two-percent target.

And last week, Lagarde said that more interest rate hikes might be needed in the eurozone after the half percentage point hike it has already signalled will come later this month.

"As president of the ECB, my job is rather limited, but it is critically important, and it is price stability," she said Wednesday.

Her job, she said, was "fighting inflation which has been generated by the energy crisis, instrumented by the terrible war against Ukraine."

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