A rise in interest rates now would have no effect on the inflationary shock that is hitting the European economy but would affect household disposable incomes, putting a brake on the recovery.
ECB President Christine Lagarde said this at the Frankfurt Banking Congress.
Lagarde said raising rates now would neither affect energy prices and that "global supply bottlenecks cannot be solved by monetary policy."
The ECB must exercise "patience and persistence" for the objective of sustainable inflation around 2%, and the current flare-up of prices over 4%, being destined to run out, does not yet achieve the desired conditions to be able to change orientation monetary policy.
ECB President Christine Lagarde said this at the Frankfurt Banking Congress.
"Even after the expected end of the pandemic emergency - said Lagarde - it will still be important that monetary policy, and with it an adequate calibration of bond purchases, support the recovery and a return to sustainable inflation at 2%. We will announce our intentions on this in December.