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Lagarde: "Harmonious Discussion" With "Very Broad Consensus"

ECB

Q: Was a bit surprised by magnitude of inflation forecast revision.

  • A: Already started answering - a lot is attributable to unique labour costs and small part is due to past upside surprises due to data released since the March meeting.

Q: Can you give us a flavour of the Governing Council discussion?

  • A: It was quite a harmonious discussion, good and thorough econ discussion. It was a "very ,very broad consensus."

Q: What are you looking at for the transmission mechanism? Will 3% be the new 2% in coming years?

  • A: Have a target and will get to 2% and remain there - that is what is driving policy.
  • Re lag time: Last year's decisions have been monumental - are seeing it in market spreads, in banking, in credit. Because so exceptional, need to monitor if the lag is the usual 18-24 months - will it be faster or slower?
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