ECB president Christine Lagarde at the Jackson Hole economic symposium in Wyoming on Friday. ECB officials are debating whether to pause their historic monetary-tightening campaign. Photograph: David Paul Morris/BloombergEuropean Central Bank president Christine Lagarde said the authority will set borrowing costs as high as needed and leave them there for as long as it takes to bring inflation back to its goal.
“In the current environment, this means – for the ECB – setting interest rates at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation to our 2 per cent medium-term target,” Ms Lagarde said on Friday in a speech in Jackson Hole, Wyoming. “The risks are now really on both sides – doing too little or doing too much, but I would still err on the side of raising rates,” Mr Kazaks told Bloomberg TV at Jackson Hole on Friday. “We can always cut. If, however, we stopped too early, then of course later on it may require much larger interventions.”
“I wouldn’t rush anything. Let’s look at the data. Let’s see what happens. And let’s return inflation to the 2 per cent target sooner than the end of 2025, which is currently the end of the forecast horizon,” Mr Kazaks said.
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