ECB rates have to rise significantly at steady pace, Lagarde says
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FILE PHOTO: European Central Bank (ECB) President Christine Lagarde attends a news conference following the ECB's monetary policy meeting in Frankfurt, Germany December 15, 2022. REUTERS/Wolfgang Rattay
FRANKFURT (Reuters) - The European Central Bank will keep raising interest rates quickly to slow inflation which remains far too high, ECB President Christine Lagarde said on Monday, largely repeating the bank's most recent policy guidance.
"We have made it clear that ECB interest rates will still have to rise significantly at a steady pace to reach levels that are sufficiently restrictive, and stay at those levels for as long as necessary," Lagarde said in a speech.
"In other words, we will stay the course to ensure the timely return of inflation to our target," she added.
(Reporting by Balazs Koranyi; Editing by Chris Reese)
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