SPEECH  Price stability and policy transmission in the euro area Speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking 2022 on “Challenges for monetary policy in a rapidly changing world” in Sintra, Portugal Sintra, 28 June 2022 Inflation in the euro area is undesirably high and it is projected to stay that way for some time to come.
This is a great challenge for our monetary policy. In response to the changing inflation outlook, we have consistently followed the path of policy normalisation since December last year, sequentially adjusting our policy stance. Net asset purchases under our various programmes will come to an end this week. In July we intend to raise our policy rates for the first time in 11 years.