Ecb’s Lagarde Promises That “We Will Succeed” In Controlling Inflation.

President Christine Lagarde of the European Central Bank said in a holiday greeting on Friday that the bank “will succeed” in bringing down the sky-high inflation as the eurozone prepares for additional interest rate increases in 2023.

Consumer prices in the Eurozone hit a record high this year as a result of rising energy and food prices brought on by Russia’s invasion of Ukraine.

For the first time in a year and a half, the euro area’s inflation rate decreased in November, although it remained five times higher than the ECB’s objective at around 10%.

Before the Christmas and New Year’s holiday season, Lagarde remarked in a video message, “I recognize that excessive inflation harms everyone, particularly the poor.”

We will make every effort to lower inflation, I swear, she added. And we’ll prevail,

The ECB has rapidly raised interest rates in recent months in response to rising inflation, similar to other central banks across the globe.

The ECB’s three main rates are currently 2.5 percentage points higher than they were at the beginning of the year after last week’s half-point increase.

Interest rates are being raised and will continue to be raised gradually until they reach a level that enables a prompt return of inflation to our medium-term objective of 2%, according to Lagarde.

The eurozone will continue to see 50-basis point rises “for a while,” Lagarde told reporters last week.

In her last message of the year, the head of the ECB also welcomed Croatia as a new member of the EU.

Lagarde remarked, “I’m particularly glad that our euro-family is growing.

“I shall without a doubt be happy as we ring in the new year since Croatia will be the 20th member to join the euro region on January 1.”