Lagarde: Inflation Surge Needs Careful Monetary Action

The President of the European Central Bank, Christine Lagarde, confirmed that the current inflation shock in the euro area is significant enough to justify a response through monetary policy, without leading to unanchored inflation expectations or serious secondary inflation effects. She explained that the bank raised interest rates in June after inflation exceeded 3%, and it expects inflation to surpass 3% by the end of 2026, while continuing to pursue the 2% target. She also pointed out that the European economy remains resilient, with upside risks to inflation, and that any additional interest rate increases would be within a neutral range of 1.75% to 2.5%.

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