Lagarde: We are determined to tame inflation

ECB President Lagarde speaking Monday, chief economist Lane also spoke

The European Central Bank (ECB) is determined to tame inflation, ECB President Christine Lagarde said on Monday. The ECB raised its interest rates by 50 basis points last week, the first hike in 11 years. Lagarde said that the ECB is "determined to bring inflation back to our target of 2% in a timely manner." She added that the ECB is "prepared to take whatever steps are necessary to achieve this goal."

Chief economist Philip Lane also spoke on Monday, saying that the ECB is "committed to bringing inflation back to our target." He added that the ECB is "prepared to take whatever steps are necessary to achieve this goal."

The ECB's decision to raise interest rates was widely expected, as inflation in the eurozone has hit a record high of 8.1%. The ECB has been criticized for being too slow to raise interest rates, but Lagarde said that the ECB is "determined to bring inflation back to our target." She added that the ECB is "prepared to take whatever steps are necessary to achieve this goal."

The ECB's rate hike is likely to have a significant impact on the eurozone economy. Higher interest rates will make it more expensive for businesses and consumers to borrow money, which could lead to slower economic growth. However, the ECB believes that raising interest rates is necessary to bring inflation back to its target.

The ECB's rate hike is a sign that the central bank is serious about fighting inflation. The ECB is prepared to take whatever steps are necessary to bring inflation back to its target, even if it means slowing economic growth.