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Lagarde: Decision was unanimous, data will determine how much ground to cover

ECB
  • Q: Does the absence of September guidance indicate the GC is equally open to different policy outcomes?
  • A: This is the ninth decision to hike in one year. The DFR is now at 3.75%. This decision, which was unanimously agreed on the Governing Council, is driven by one key determination: to bring inflation to target. There is unanimous determination to do so. Data and our assessment of data will tell us whether and how much ground we have to cover. We are deliberately data dependent and we have an open mind as to what future decisions will be. What is decided in September is not definitive. It may vary from one meeting to another. We are not in the domain of forward guidance but we are strongly rooted in the determination to return inflation to target on a sustainable basis.
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