“The ECB is independent and determined to continue to be independent and data-dependent in the assessment we make and the policy decisions we have approved.”
ECB President Christine Lagarde said this in response to a question about what she thinks of those who believe it is unlikely that the central institute will decide on a rate cut before the Fed.
The fourth quarter wage growth numbers are encouraging, but as we said in our monetary policy statement the Governing Council needs to have more confidence" to be convinced that a "sustainable" decline in inflation has occurred ahead of the "the medium-term target of 2% that we have set. There are many sectors and employees that are the subject of negotiations that will conclude during the first quarter of 2024 and "if the numbers continue to be encouraging" this "will be important for us" , added Lagarde.
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