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Lagarde: We will follow a data dependent approach

ECB

Inflation continues to decline but is expected to remain too high for too long. Our future decisions will ensure that key policy rates will be set at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation to target. We will follow a data dependent approach. Our interest rate decisions will be based on our assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. We stand ready to adjust all of the instruments in our mandate to ensure inflation returns to our medium target and to ensure the smooth functioning of monetary policy transmission.

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