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Lagarde: Policy Not Financial Market-Dependent

ECB
Q: What do you make of political criticisms against central bank tightening? What do you think about market expectations for policy rates going to 3%?
  • A1: We have to do what we have to do. Our mandate is price stability and we have to deliver on that using the tools available. That does not mean that we are oblivious to the risk of recession.
  • A2: We will not be financial market dependent. We take into account market expectations.

Q: The new Italian PM used harsh words against ECB decisions. Do you see this as a sign of increasing attacks on central banks? Are you worried about bank profitability?

  • A1: We will not respond directly. We have a mandate to fight inflation. Our job is to restore price stability.
  • A2: On TLTROs, we have only looked at monetary policy transmission. We need to make sure that people can benefit from this fight against inflation. The calibration of TLTRO before today was an obstacle to transmission.
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