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Lagarde: GC Didn't Discuss TLTROs; "General Consensus" On Today's Decision

ECB

Q: Have you measured what would motivate the decision to end the special rate period of the TLTROS?

  • A: We have not discussed TLTROs at all in this GC meeting.

Q: You said there was unanimous concern within the GC about inflation. Was the monetary policy decision today also taken unanimously? How would rising bond spreads determine the pace of normalising monetary policy?

  • A: There is general concern among the GC about inflation. There was also general consensus about the monetary policy decision.
  • We are no seeing any such development on spreads. Although yields have moved up, spreads have not significantly widened. If it was different, we would respond and we have the tools and instruments, as well as the flexibility, to do so if justified.

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