Christine Lagarde, President of the European Central Bank (ECB), explains the ECB’s decision to leave key rates unchanged at the April policy meeting and responds to questions from the press.
ECB press conference key quotes
“Economy was showing momentum before current turbulence.”
“Domestic demand remains main driver of growth.”
“Outlook highly uncertain.”
“Incoming info suggests that conflict is weighing on activity.”
“Business less confident about future.”
“Supply chains coming under pressure.”
“High energy to weigh on incomes.”
“High energy costs to make firms, households reluctant to invest.”
“Labour demand has cooled further.”
“Households in solid financial position.”
“Favourable starting point provides some cushioning.”
“Fiscal responses should be temporary, targeted, tailored.”
“Indicators of underlying inflation have changed little in recent months.”
“Wage tracker indicates easing labour costs.”
“Surveys indicate rise in other costs.”
“Most measures of longer term inflation expectations stand around 2%.”
“Increase in energy prices will keep inflation well above 2% in near term.”
“Will closely monitor size and impact of energy price surge.”
“Risks to growth are tilted to the downside.”
“Worsening of global market sentiment could further dampen demand.”
“Risks to inflation are tilted to the upside.”
“Not going to say whether we’re closer to any particular scenario.”
“We are certainly moving away from baseline.”
“To where exactly? I’m not sure is the most relevant assessment.”
“Most critical is what impact energy prices will have.”
“Made an informed decision of yet insufficient info.”
“Debated at length various options.”
“Decision was unanimous.”
“Debated at length a hike.”
“Some governors may argue both sides of proposals.”
“Hard data is broadly in line with projections.”
“There is such uncertainty, we need to revisit all issues at next meeting.”
“Given position we’re at, six weeks will be the right time to assess developments.
