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(Bloomberg) — European Central Bank President Christine Lagarde said risks to euro-area inflation and growth have become less pronounced.
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“I think risks by the way that we have to the upside on inflation and to the downside of growth are probably more broadly balanced than they were a few weeks ago as a result of what we’re seeing, which happens at speed,” she said at her institution’s annual retreat in Sintra, Portugal, on Wednesday.
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Lagarde, speaking on a joint panel with Federal Reserve Chair Kevin Warsh, Bank of England Governor Andrew Bailey and Bank of Canada chief Tiff Macklem, commented just three weeks after her institution became the first in the Group of Seven to raise interest rates following the outbreak of the Iran war.
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The ECB justified that decision by saying it saw the shock spreading through the economy and couldn’t afford to let inflation get out of control.
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The period since that meeting has proven to be a long time in monetary policy. The US-Iran peace accord has sent oil prices sharply lower, removing the main driver of inflation. On Wednesday, the latest report for the euro area showed price growth easing more than anticipated.
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“We are taking all the right steps to make sure we have price stability,” Lagarde said. “We’re not going to let the genie get out of the bottle and inflation move up. We will take the necessary steps and we have.”
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—With assistance from William Horobin and Fabrice Obrist.
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(Updates with additional quote in final paragraph)
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English (US)