“We are raising interest rates and we will raise them further, at a steady pace, until they are at a level that ensures a rapid return of inflation to our medium-term target of 2%,” said the first euro guardian in this video message.
"And we will succeed," adds Ms. Lagarde.
Since July the ECB has raised rates at the fastest pace ever recorded, raising them by a total of 2.5 percentage points, including 0.5 points in December with the firm intention of continuing the movement.
High inflation "harms everyone, especially the poor," said the former French economy minister.
"I promise that we will do everything possible to reduce inflation," added Ms. Lagarde as the decline in purchasing power linked to soaring prices has emerged as a major concern for Europeans.
Interest rate increases of 50 basis points could "become the new normal in the short term" and "for a while", for his part reaffirmed to the newspaper Le Monde the vice-president of ECB Luis de Guindos.
At the end of 2021, Ms. Lagarde still affirmed that the rates were most likely not going to be raised during the year 2022, while the inflation which was beginning to quiver was still perceived as a temporary phenomenon.
But "Russia's horrific war against Ukraine and its people" launched in February, with its attendant human suffering, "has driven up energy prices, also causing inflation to spike across the country. 'Europe', peaking at almost 11% in the fall in the euro zone.
On a happier note, Ms. Lagarde welcomes Croatia to the euro zone, which will become the 20th country to adopt the common currency on January 1.
An event that the President of the ECB promises to "celebrate".
© 2022 AFP