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The President of the European Central Bank (ECB), Christine Lagarde, has assured that inflation in the euro zone is still too high regardless of the benchmark analyzed and stressed that the central bank’s mission is to avoid the de-anchoring of inflationary expectations.
At a colloquium in Davos, the ECB president reiterated that controlling inflation is the main mission of the institution, and therefore downplayed the importance of the recent moderation of the overall reading for the eurozone, which eased in December for the second consecutive month, to 9.2%.
«We have very high (inflation) numbers. We look at all components of inflation, from headline to core, and whichever way you look at inflation it is too high,» the Frenchwoman said, referring to the record level of core inflation and other components of the index.
«Our determination at the ECB is to bring it back to 2% in a timely manner and by taking all measures and that is why we have already raised rates 250 basis points and we will stay the course,» she warned.
In any case, Lagarde has stressed that the ECB is not appreciating a significant de-anchoring of inflation expectations in the eurozone, so she has added that the institution «has to avoid the risk of de-anchoring».
On the other hand, for the Frenchwoman, the foreseeable contraction of the Eurozone economy will be modest and 2023 will be a better year than expected, although it will not be a brilliant year, stressing that the European labor market has never been as vibrant as it is today.
«The news has been much more positive in recent weeks and the rhetoric has changed,» Lagarde stressed. «2023 will not be a bright year, but it will be much better than expected,» she has ventured.
Likewise, the ECB president pointed out the need to make progress in the digital and green transition, whose financing needs will be very important and for which public money «will not be enough», so she has urged rapid progress towards the capital market union, something that cannot be achieved without political impetus.
«We have to move towards this double transition and the financing needs will be very large in order to move fast and become more independent and less vulnerable,» he has defended.
Source: (EUROPA PRESS)