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Lagarde: Decided To Go "Step-By-Step" On Policy With "Optionalities"

ECB
Q&A with Lagarde begins. First Q: How much agreement was there in the GC for accelerating normalisation? Are we excluding rate hikes this year?
  • A: We had very intense discussions about the current economic situation and the uncertainty. As with most institutions, the war has tainted and overshadowed these discussions. There were different views around the table. But, after those discussions there was a determination by all GC members to rally the proposal that was presented by the chief economist. It takes a balanced approach, it delivers on our mandate.
  • We did not make a decision today to accelerate normalisation. The decision was to progress step-by-step, to acknowledge the added uncertainty and therefore to have added optionalities so that we can respond in an agile way to all circumstances.
  • Our decision in response to asset purchases under the APP is conditional and clearly states that we have a declining pace of purchase in Q2 and that in Q3 if the outlook for inflation is confirmed we will end net asset purchases.
  • However, if the data do not support this medium term outlook as we see it now, then we indicate in the monetary policy statement that the GC stands ready to revise both in terms of timeline and in terms of volume.
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