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The European Central Bank will not begin cutting rates for at least “the next couple of quarters”, its president Christine Lagarde has said.
Lagarde told the Financial Times Global Boardroom conference on Friday that eurozone inflation would come down to its 2 per cent target if interest rates were kept at their current levels for “long enough”.
But she added: “It is not something that [means] in the next couple of quarters we will be seeing a change. ‘Long enough’ has to be long enough.”
The ECB last month left its benchmark deposit unchanged at an all-time high of 4 per cent in an attempt to tame inflation.
This is a developing story