Lagarde comments at ECB press conference By Reuters
© Reuters. A view shows the European Central Bank (ECB) flag and the flag of the European Union, on the day of the monthly news conference following the ECB’s monetary policy meeting in Frankfurt, Germany, September 14, 2023. REUTERS/Wolfgang Rattay
FRANKFURT, Sept 14 (Reuters) – The European Central Bank raised its key interest rate to a record peak on Thursday and signalled this will likely be its final move in a more-than year-long fight against stubbornly high inflation.
Following are highlights of ECB President Christine Lagarde’s comments at a news conference after the policy meeting.
RESILIENT LABOUR MARKET
“The labour market has so far remained resilient despite a slowing economy.”
“Inflation continues to decline, but is still expected to stay too high for too long.”
“The services sector, which had so far been resilient, is now also weakening.”
PICK-UP OVER TIME
“Over time, economic momentum should pick up, as real income are expected to rise, supported by falling inflation, rising wages, and a strong labour market. And this will underpin consumer spending.”
“The risks to economic growth are tilted to the downside.”
“The economy is likely to remain subdued in the coming months. It broadly stagnated over the first half of the year.”
(Reuters Global News Desk)