The European Central Bank (ECB) wants to resolutely continue its fight against inflation and continue to take consistent action against inflation. "We must not and will not allow high inflation to take hold. We are committed to bringing inflation back to our medium-term objective and we are committed to taking the necessary action to do so," said ECB President Christine Lagarde on Friday in a speech in Estonia's capital Tallinn. "Inflation in the eurozone is far too high."

In October, the inflation rate in the euro zone reached a record 10.7 percent. In some member states, such as Estonia, where Lagarde appeared in Tallinn at an event hosted by the Estonian Central Bank, it has even risen to over 20 percent in recent months. The ECB is aiming for medium-term price stability at two percent inflation for the common currency area. In order to curb inflation, the ECB decided last week to raise interest rates sharply for the third time in a row

According to Lagarde, the economy in the euro zone is currently facing an "extremely challenging environment" in which the inflation rate is being fueled from several sides. "The combination of shocks we are facing - war, energy, disrupted supply chains, redistribution of demand - means that inflation is likely to remain above our target for some time," said the ECB President. "We are ready to adapt all our instruments within our mandate."