ECB president vows to tame inflation

Xinhua
25 May 2023, 07:18 GMT+10

FRANKFURT, May 24 (Xinhua) -- The president of the European Central Bank (ECB) has vowed to bring down soaring inflation in the eurozone to its 2 percent target level "in a timely manner."

This is an "immediate and over-riding priority" for the Bank, Christine Lagarde said at an event held in Frankfurt on Wednesday to celebrate the 25th anniversary of the ECB.

In her speech, Lagarde also praised the euro, describing it as the "engine of integration" of Europe.

The single currency was the "logical answer" to the changes that emerged from the late 1980s, she said, including the expansion of the euro zone from 11 to 20 members. The euro "offered Europeans stability, sovereignty and solidarity".

Although the single currency was put to test when a debt crisis hit the EU, as well as during Brexit, Lagarde said people were now able to separate institutions from policies.

"They may like or dislike the policies of the ECB, but they mostly no longer question whether being part of the euro area is the right choice," she said.

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