ECB's Lagarde expresses confidence in 2pc inflation target and Europe's gas reserves
Christine Lagarde, European Central Bank (ECB) president addresses a news conference
European Central Bank (ECB) President Christine Lagarde has voiced confidence in the ECB's ability to achieve its target of bringing inflation back down to 2 per cent. In an interview with French newspaper La Tribune Dimanche, Lagarde also expressed optimism regarding Europe's gas reserves situation, citing various factors contributing to her positive outlook.
Last month, the ECB implemented a record-high key interest rate of 4 per cent, signalling a strong commitment to addressing inflationary pressures. Lagarde emphasised that the sustained levels of the key ECB interest rates would play a crucial role in facilitating the timely return of inflation to the desired target.
"The key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target," Reuters quoted Lagarde as saying during the interview conducted on October 2.
Despite acknowledging that inflation was currently on a significant downward trajectory, Lagarde remained optimistic about the short-term economic outlook. She cited several reasons for her confidence, including ongoing economic reforms taking place in Europe and notable improvements in the region's gas reserves situation.
Lagarde highlighted the importance of structural reforms being implemented in the European economy, underscoring the positive impact they could have on future economic performance.
In addition, she drew attention to the remarkable progress made in replenishing gas reserves, surpassing 90 per cent by September 2023. This development has bolstered Europe's preparedness for the upcoming winter season, providing a sense of confidence and security.
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"This allows us to look towards the coming winter, if not calmly, then at least with a lot more confidence," Reuters noted Lagarde’s concluding remarks, emphasising the improved outlook for Europe's gas reserves situation.
(With inputs from Reuters)
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