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Lagarde: Not About Accelerating Or Tightening, But Normalising

Q: With the ECB now accelerating the withdrawal of its monetary policy stimulus, do you think the onus must be on fiscal policy to support the euro area given the impact of the war? What would the ECB's decision would be if the Ukraine central bank requested a swap line from the ECB?
  • A: We are exploring how we could deploy tools to support the Ukrainian authorities, whether an existing product or other products. When refugees cross the border, they will need to be able to access currency. We hope to provide tools and means to extend support to the authorities and people of Ukraine.
  • The decisions we took today are the logical progression from our December decision and February communication. We are not talking about accelerating or tightening. We are talking about normalising.
  • In the environment of higher inflation, the support that net asset purchases can give policy is getting close to conclusion. This requires that we decelerate purchases.

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