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MNI BRIEF: ECB Not Done, More Ground To Cover - Lagarde

(MNI) London

The European Central Bank still has ground to cover and is not pausing, President Christine Lagarde said Thursday, addressing the press after policymakers raised the key deposit rate by 25bp to 3.25% - the highest level since November 2008.

Discussing the hike, Lagarde said the Governing Council remains determined to return inflation to target, but is attentive to all data presented to it, including the Bank Lending Survey. The return to a "more standard increment" of 25bp hikes was made on the understanding that there was more ground to cover, she said. (See MNI SOURCES: ECB To Hold Rates At Peak Into 2024)

"Future decisions" will ensure that policy is sufficiently restrictive before being kept there for some time, Lagarde said, stressing the plural in "decisions." Lagarde said she heard arguments for both a 25 and a 50bp rate hike at the meeting, but no Council member called for zero.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Policy NewsCentral Bank NewsHomepageEuropean Central BankCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefStoryRegion
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Policy NewsCentral Bank NewsHomepageEuropean Central BankCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefStoryRegion
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