Economy

Stocksak: Lagarde comments on the ECB press conference

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© Stocksak. Christine Lagarde, President of the European Central Bank (ECB), attends a news conference after the ECB’s monetary policies meeting in Frankfurt, Germany, October 27, 2022. REUTERS/Wolfgang Rattay

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FRANKFURT (Stocksak), Oct 27 (Stocksak). The European Central Bank increased its key interest rate by 75 basis point on Thursday to 1.5%. This is the highest level since 2009. It also signaled an intention to start removing cash from the banking system in order to combat record-high inflation.

Below are highlights from Christine Lagarde, President of the ECB,’s remarks at a news conference following the policy meeting.

SIGNIFICANT SLOWING

“Economic activity within the euro area is likely have slowed considerably in the third-quarter of the year. We expect a further decline in the remainder of the year and the start of next year.”

(Stocksak Global News Desk).

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