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European Central Bank President Christine Lagarde addressed the ECB’s latest monetary policy decisions, explaining that the recent 25-basis-point interest rate increase was necessary to meet the 2% medium-term inflation target amid economic uncertainty. She also announced the upcoming conclusion of the public survey regarding the design of future euro banknotes.
Statement by Christine Lagarde, President of the European Central Bank
«So, what did I announce? I announced that on Monday, the 21st of September, it will be the close of the survey that we have launched about three months ago now for Europeans, including Irish people, please, to express their views about the future banknotes that we will have throughout Europe. This is Monday, end of the survey, you still have a chance to actually express views as to which series of banknotes you are looking forward to.
And finally, I had a chance also to explain our monetary policy decision of last week, as you all know. We’ve increased our rates by 25 basis points. Uncertainty very much defines our economic horizon and it was very clear to all that this decision was a necessity in order to deliver on our commitment to reach our target of 2% in the medium term. I was also able to explain that interest rates do not move in lockstep with the price of energy, because obviously the price of energy and its impact on prices is as also an impact on other factors including notably growth and consumption, and we factor in all these elements and the lockstep mechanism is not the one that actually applies.»