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ECB: Lagarde: No one opposed the consensus decision but Holzmann abstained

ECB
BundesbankCentral Bank NewsEM BulletEuropean Central BankEmerging Market NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income BulletsForeign Exchange Bullets

Q: So you said in the past that the direction of travel was clear and the only question was about the pace and timing. There was also a mention in the past about inflation reaching target over the course of this year. Now those are gone. You didn't repeat those today, so I just wanted to ask you how broad was the consensus behind today's rate cut.

A: "So it gives me a chance to tell you how the decision was made and it was made as a result of substantive discussion all around the table on the state of the economy, on our projections, on the risks that we are facing. And the decision was a consensus, and no one opposed that decision. Or you might have different source of information could be but I was sitting in the room, you see, mind you. So, no one opposed the decision. One governor, specifically Governor Holzmann, for whom I have great respect, abstained."

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Q: So you said in the past that the direction of travel was clear and the only question was about the pace and timing. There was also a mention in the past about inflation reaching target over the course of this year. Now those are gone. You didn't repeat those today, so I just wanted to ask you how broad was the consensus behind today's rate cut.

A: "So it gives me a chance to tell you how the decision was made and it was made as a result of substantive discussion all around the table on the state of the economy, on our projections, on the risks that we are facing. And the decision was a consensus, and no one opposed that decision. Or you might have different source of information could be but I was sitting in the room, you see, mind you. So, no one opposed the decision. One governor, specifically Governor Holzmann, for whom I have great respect, abstained."