Rates have "reached levels that, maintained for a sufficiently long period, will make a substantial contribution to the timely return of inflation to our objective. In any case, our future decisions will ensure that the key ECB interest rates are set at sufficiently restrictive levels for as long as necessary. We will continue to follow a data-dependent approach." ECB President Christine Lagarde reiterated this in the Econ Committee in the European Parliament, stressing that "it is our mandate to ensure price stability and bring inflation back to 2% over the medium term. That is what drives us. Our obsession is the mission and mandate conferred by the Treaties. This is the context and the interest rate is the key tool we can use to bring inflation back to the 2% target."
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