Lagarde: “European banks are solid but we are ready to act to support liquidity”
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BRUSSELS. “If necessary”, the ECB “is fully equipped to provide liquidity support to the financial system of the euro area and to preserve the correct transmission of monetary policy”. After issuing a note on Sunday evening, Christine Lagarde once again reassured the state of the European banking system in the light of the crisis that has engulfed Credit Suisse. “The banking sector of the Eurozone – said the president of the ECB, speaking at the hearing of the Economic Affairs Committee of the European Parliament – is resilient, with solid capital and liquidity positions”. In any case, she added, “we are closely monitoring market developments and are ready to respond if necessary to preserve price stability and the financial stability of the Eurozone”.
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Lagarde then focused on the ECB’s action to counter inflation which “will remain too high and for too long”: 5.3% this year, 2.9% in 2024 and 2.1% in 2025. key interest rates remain our main tool for defining the monetary policy stance» he reiterated, justifying the decision of the Governing Council, which last week decided to increase the three key interest rates by 50 basis points.
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