Lagarde says ECB has ‘every reason’ not to act as quickly as Fed

European Central Bank president Christine Lagarde. Picture: KAI PFAFFENBACH/ REUTERS

“We’re all in very different situations,” Lagarde told the France Inter radio station on Thursday in an interview. Inflation is “clearly weaker” in the eurozone, while the region’s economic recovery is also not as advanced as in the US, she said. The ECB has come under pressure to act after inflation in the currency bloc hit a record 5% in December. But while officials have agreed to wind down pandemic stimulus, they say an interest-rate increase is highly unlikely in 2022 since the current bout of inflation is driven by supply shocks and a spike in energy costs, and should gradually ease.

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