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European Central Bank President Christine Lagarde
European Central Bank President Christine Lagarde has confirmed that she plans to raise interest rates by half a percentage point, AFP reported.
Data released on Monday showed the Eurozone avoided recession at the end of last year and posted weak but positive growth of 0.1% and inflation easing - although it remained at a high of 8.5%.
"In view of underlying inflationary pressures, we intend to raise interest rates by another 50 basis points at our next meeting in March," Lagarde told MEPs.
At its meeting in March, the ECB will publish updated economic forecasts that will help it formulate the course of monetary policy.
If the central bank goes ahead with the half-percentage-point increase in interest rates, it will be its sixth increase since July, for a total increase of 3.5 percentage points.
"Keeping interest rates at restrictive levels will reduce inflation over time by suppressing demand, and will also guard against the risk of a permanent upward shift in inflation expectations," Lagarde said.
Decisions on interest rates will depend on the data and follow a meeting-based approach after March, she added.
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