FRANKFURT – The European Central bank will raise its interest rates until inflation falls back to its 2% target, the ECB’s President Christine Lagarde said in an interview with Germany’s Funke Mediengruppe published on Friday.
It was Lagarde’s strongest commitment to date to fighting inflation, which hit 8.6% in the euro zone last month, despite growing fears of a recession in the bloc as a result of Russia’s invasion of Ukraine.
“We will raise interest rates for as long as it takes to bring inflation back to our target,” she told the German network of newspapers.
The ECB raised its interest rates for the first time in 11 years on Thursday and guided for more hikes at its upcoming meetings.
(Reporting By Francesco Canepa; Editing by Andrew Heavens)
