For the President of the European Central Bank (ECB), Christine Lagarde, the interest rate decisions of the US Federal Reserve are not a guideline for monetary policy in the euro zone.
The Federal Reserve is influencing the global markets with its monetary policy, the Frenchwoman said on Thursday at a conference of the Central Bank of Latvia in Riga.
But the ECB cannot simply imitate the decisions of the US Federal Reserve.
The economic situation on both sides of the Atlantic is not the same.
Therefore, the ECB cannot proceed "at the same pace" as the Fed in the fight against escalating inflation.
The Federal Reserve on Wednesday raised interest rates by three-quarters of a percentage point for the fourth time in a row - to the new range of 3.75 to 4.00 percent.
At the same time, Fed Chair Jerome Powell signaled that the central bank could slow down the pace of interest rate hikes in December or February.
The ECB also recently increased key interest rates by 0.75 percentage points in another major move.
The deposit rate that is decisive on the financial markets is now 1.50 percent.
Lagarde also promised further increases.
She now emphasized in Riga that a recession will not be enough to keep inflation in check.
At the same time, ECB Director Fabio Panetta warned on Thursday against excessive monetary tightening.
It is important to avoid raising interest rates too quickly, said the Italian.
In his view, this could have an excessive impact on economic growth, real estate prices and the financial markets.