Arab News Headlines

European Central Bank Seeks to Bring Inflation Back to Target of 2% over Medium Term

President of the European Central Bank (ECB) Christine Lagarde stressed today the ECB’s determination to bring inflation down as well as addressing the risks of the zone’s entering an economic recession due to the rapid changes imposed by the pandemic, the Russian-Ukrainian crisis, and the current economic situation in the United States of America.

Speaking as the ECB celebrates its 25th anniversary, Lagarde said: “After years of being too low, inflation is now too high and is set to remain so for too long.

“We will bring inflation back to our target of 2% over the medium term. That is why we have raised interest rates at a record pace, and why we will bring them to sufficiently restrictive levels – and keep them at those levels for as long as necessary – to return inflation to our target in a timely manner.”

Source: Qatar News Agency