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Lagarde: 3 Or 4 Dissenters To Decision

ECB

Lagarde reiterates the ECB's commitment to fight inflation, but notes that while a "very large majority" supported today's monetary policy decision, 3 or 4 members did not.

  • Q: What do you mean by having a lot more ground to cover if the baseline prevails? Are you walking back on the previous commitment to raise rates further after March? Are you giving up on inflation? What other options were being discussed in the meeting today?
  • A1: We are not waning on our commitment to fight inflation. That should not be doubted. Given the level of uncertainty as a result of the recent financial tensions, it is better to make the decision that we believe is robust (our 50bp increase) and then see what the data tells us.
  • A2: The executive board proposed the option in the policy statement. No other option was proposed. The option was supported by a majority. 3-4 did not support; not in principle, but there were a minority who were keen to have more time to collect additional information.
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