© 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
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.
“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).