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."
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."