Enlarge image
Christine Lagarde in Frankfurt am Main (picture from December 15)
Photo: WOLFGANG RATTAY / REUTERS
The head of the European Central Bank (ECB), Christine Lagarde, spread confidence in her video message at the end of the year.
The ECB will succeed in lowering the high inflation again, explained Lagarde.
“I know that high inflation hurts everyone, especially the poor.
I promise we will do our best to bring inflation down.
And we will make it.«
Consumer prices in the euro zone were 10 percent higher in November than in the same month last year.
In October, inflation had climbed to a record 10.6 percent.
The ECB's target is two percent.
It has raised interest rates several times since the summer to curb inflation.
The rate at which commercial banks can borrow money from the ECB is now 2.5 percent, the highest level since 2008.
"We are raising rates and will continue to raise them at a steady pace until they are at levels that ensure a timely return to our 2% target," Lagarde announced.
"The past year has challenged us more than we could have imagined," Lagarde wrote on Twitter.
»I hope that during this time you will share moments of joy and celebration with your loved ones.«
The head of the ECB also used her speech to welcome Croatia as a new member of the euro zone.
She is "really happy" that the Euro family is growing.
Croatia will become its 20th member on January 1, "something I'm sure to celebrate," she said.
ani/AFP