European Central Bank President Christine Lagarde said the ECB’s interest rate hike this week defended its move to pile up hundreds of euros to pay homeowners and do what it does for working people “first and foremost in my mind”. said that he was
Appearing on The Late Late Show on Friday night, she was asked by host Ryan Tubridy why the ECB raised interest rates by 75 basis points to 1.5% on Thursday. Highest interest rate hike since 2009.
“I know it’s a burden for some people, especially those with certain types of mortgages, but the European Central Bank is not happy to do it,” Lagarde said. rice field.
“We are doing it because we are fighting it. We are doing it because we are fighting inflation. We were trying to get the price closer to a stable level so that people could know it was stable when it was released,” she said.
“And as a result of the very quick recovery, and also as a result of the energy crisis caused by Mr. Putin, Mr. Putin decided to invade and disrupt other countries in an unfair way. To create chaos and destroy as much of Europe as he can – this energy crisis is causing massive inflation that we must defeat,” she said.
“So we had to raise interest rates because we want to bring inflation back to a reasonable level so that people’s cost of living is not so high.”
When asked if she was thinking about the economy and not about the impact on people, Lagarde said: I think of my children, I think of their friends, I think of those who earn a living and are going through hard times – whether they’re employees or small businesses. – I know it’s hard. them) very close to home.
“But in the same way we have to do what we have to do. You can also fight.”
“This is our mantra, this is our mission, this is our mission, inflation sucks for all of us, but it hits low income people more than high income people. It’s especially bad for