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Lagarde Says ECB ‘Absolutely’ Must Avoid Second-Round Effects

·1 min read

(Bloomberg) -- The European Central Bank “absolutely” wants to avoid high inflation leading to excessive upward pressure on wages, and its recent interest-rate hikes should signal its determination to meet its price target, President Christine Lagarde said.

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Euro-area inflation, which reached a fresh record of 9.1% in August, is being driven to a large degree by soaring energy costs resulting from Russia’s war in Ukraine, but the ECB must take action to prevent broader price increases from becoming entrenched, she said at an event in Paris.

“We have more supply shock than demand shock, but we have both, so we’re obliged to act taking account of this complicated mix of supply and demand,” Lagarde told an audience of students Friday.

“So what we have to do as the central bank is we have to be focused on our price-stability target, which we’ve set at 2% over the medium-term,” she said. “So we have to use all the monetary policy tools available to us to reach this target.”

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