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Lagarde: September Hike Decision Data-Dependenet

ECB
Q: Given there is a clear reason behind the market reaction in Italy, do you see a way to buy Italian debt in the near future? Do you still a move larger than 25bp in September?
  • A: TPI is designed to address a specific issue that all euro area countries can face, so in principle all countries can be eligible. If and when the TPI needs to be activated, the GC will conduct a thorough assessment of the situation in the affected countries and the decision to intervene is at the discretion of the GC. The GC will take into account multiple indicators to determine warranted/unwarranted tightening and orderly/disorderly.
  • Given the decision taken today, the combined forward guidance that we had for July and September is no longer applicable. From now on, we will make our decisions on a month-to-month, step-by-step and data dependent basis. What happens in September depends on what data we have by September. We are definitely on a normalisation path to reach out 2% inflation target.
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