Brussels

Euro area inflation was around ten percent in September. The difficult situation has prompted policy makers to comment on monetary policy.

Prime Minister of Finland Sanna Marin (sd) quoted a blog on Twitter that says there is something wrong with monetary policy ideas when central banks protect their credibility by driving economies into recession.

President of France Emmanuel Macron stated The echoes – magazine that he is worried that many monetary policy actors want to crush European demand in the name of curbing inflation.

The Financial Timesin a reporter asked the President of the European Central Bank on Thursday Christine Lagardelta at the press conference, how he feels about Marini, Macron and the new prime minister of Italy Giorgia Melonin to criticize that the ECB is crushing European demand with its actions.

Lagarde replied that the central bank is doing what it has to do.

“Our mandate is to maintain price stability. We need to reach our goal, using the tools that are most appropriate and effective,” Lagarde stated.

However, according to him, it does not mean that the central bank is indifferent to the risk of recession. Lagarde stated that the ECB is especially concerned about the poorest households.

“When we fight inflation, we think about our mandate, but also about the people who suffer from inflation the most.”

Lagarde stated that the central bank believes that, under the current circumstances, the decisions it made today are the most appropriate way to restore price stability to the euro area.

The ECB Council decided to raise its key interest rates as expected, i.e. by 0.75 percentage points. It also decided to amend the terms of the third round of targeted longer-term refinancing operations (TLTRO III).

The Governor stated that the central bank will make new economic forecasts in December.

“Certainly, the likelihood of a recession is one of the factors we will consider at our December meeting when we have much more in-depth data available to us than we do now.”