LIVE: European Central Bank President Holds Press Conference on Monetary Policy Decisions

Good afternoon and welcome to our press conference. with President Lagarde and Vice President Vujic. My name is Wolfgang Kreuzel. As always, we are joined by journalists who are connected online. If they Ask a question—I would like to ask them to turn on their cameras. and microphones. And with that, I hand over to you, President Lagarde. Thank you very much, Wolfgang. Good afternoon, good day to you. All of you. The Vice President and I welcome you to our press conference. The Governing Council today I have decided to keep the three largest parts the ECB's contributions contributions unchanged. The peaks aelodau continue to increase, offering broad views of the presentation and Look closely at the increase. As well as the full effects of the financial crisis to continue upwards, Financial submissions have continued to remain robust to date, Financial reports at this stage do not yet show a material response. The increase of great and the future of the foundation the offer regarding quick and repeat effects It's about increasing further and increasing less. The operating periods have been taken at the previous meeting, It is most concerned with increasing further and increasing. We are dealing with establish a police force in order to ensure that the settlement is established a 2% target in the short period. We continue to progress forward with it availability at this time. We will follow the data campaign and the campaign against confrontation The meeting with the decision-maker periodic verification periodic verification. In particular, our responsible decisions will be based on our the look at the salary and the benefits included therein my data social coming in, along with the dynamics of pay and value present a financial policy. We do not take content for any special arrangement. The decisions presented today as being Public report available on our website. I will lead even further ahead we see the economy and the presentation developing, We will be writing our assignment Financial and financial reports. The data continues to indicate that economy's euro area has continued to grow in the period of the year. The services have been carried out after initial work was performed. the period of the period Wales. Production, digital services, and implementations are operating the business disruptions associated with the AR. Government services for Safety and security also support operations. These factors will continue to provide growth in the coming period. At the same time, increases in asset values have risen Investors and major financial backers withdrew their confidence. The work count has not led to a 6.4% increase in August. Work and workplace increases have continued to remain unchanged, The activity has increased rapidly. During the rapid period, the monetary and financial value will by increasing its financial value a regular shop, regular work, to increase political demands. Participation in activities related to AI Government proposals for Support and also continued encouragement for the increase. The increase in services will be implemented in planning the political requirements. The increase in the key services will be greater no need for structural reforms They must plan by using public funding. A fiscal government is indispensable. for the largest economic institution. Physical observations for the body and growth will be timely. paid and settled. Simplification and taking rules across the UK's single market will be essential, to increase the workload and achieve the Service and Services Unit, the key buildings essential to do an economy that is more dynamic and secure. With the process of contributing to the local framework for I spent my last euro on a digital doll, we are reiterating the importance of implementing the programs on individual body animations more quickly. The introduction rose to 3.8% in September, 3.2% in August. Added value presentation at 18.9% or 14.3% in August. Diesel and petrol pumps were carrying out new schemes in In September, in most of the fulfillment of constraints. The increase continued to 2.3% in September. 2.1% in August. Food inflation increased to 1.3% from 1.1%. The increase in services was 3.2%. My birthday is on September 3rd, my birthday is on August. and crystal clear service a decrease of 1.1% from 1.2%. Service complaints Sylfaenol has continued to remain in the room, the first waves of the body The service network indicates increasing pressure. The increase in weight has continued to remain limited. The offer for worker increased by 3.3% last weekend, down 3.6% in the first quarter, and the crystal has increased in production since Help me, I need to increase unit labor costs. Our forward-looking funding tracker is under scrutiny The increase in funding associated with it will be significant. between 2.5% and 2.8% last year by 2026, a 2.6% increase in First quarter of 2027. Spiritual awakenings over long periods have increased, and most of the part The majority of expectations in the future regarding 2% will be fulfilled for the purpose of salary settlement and the event surrounding the social period. The pressures create awareness consciously. the waves of the waves of the waves on the course, to carry out the viewing plan of the views of the views on The course is difficult in the ordinary. It is responsible for the wages of the future of the future, to keep the wage Stay calm during the next period. According to that, the use of financial wages will be with the largest financial impacts, To support the resource allocation for the negotiation. The risks of dreaming are increasing on the ground. This has been specifically caused during the particular contextual period of Wales the latest developments in Wales and achieving the network. Growing services of financial services The gallant hero advances forward bravely ac am hirach na'r hyn sydd ar gael ar hyn o bryd. That would take part in truly tangible outcomes, a poem for composing. The life insurance claims service will be significant social media presence in vital social markets You can draw conclusions and plan the requirements. The official also withdrew the results planning the requirements planning the investment, To reduce the content and planning. Even so, a breakdown in negotiations between major economies they can increase the number of programme commencements, I will introduce, and increase and increase. It's a narrow path, and continuing forward would be dangerous. the economies and financial markets would be faster than the increase expected and significant achievements, if these implementations had been submitted securely. In large part, a new introduction of technologies by euro area firms and governments spending on infrastructure and defense, as well as reforms to enhance productivity and complete the EU's single market, may drive up growth by more higher than expected. The risks to the inflation outlook are to the upside. This is due in particular to the Middle East conflict and recent developments in Russia's unjustified war against Ukraine. The energy shock could intensify further, and its effects on other prices and wages could It would be more common than what is currently available. Gall prifoedd gas yn benodol gynyddu whether the products have been wrapped more, or whether the This surface is unlikely to connect with high storage levels. In most cases, energy prices will remain high. Most likely, they are leading an inflation. funded through financial and performance-related incentives. Gallai Gallai tynnu traws newydd ar gyfer cyfyngiadau more fragmented global information, to respond to the offer of general funds the foundation of capacity in the economy of the euro area. hand exercises for a range of ages, the El Niño periods have provided opportunities for investment and consultation, The crisis continues in terms of men and nature, more open, Gallai the price of food rise higher than expected. By now, the introduction being smaller Geological hazards are being presented in a safe manner, online or dual effects the awesome companies to say a little bit, a little bit, a little bit, a little bit, a little bit. Financial markets and financial markets that are to deal with long-term droughts with droughts long period with long delays It can work for, and rather than producing as well. Financial periods now. Financial periods have been withdrawn. It was a recent meeting. Schedule changes have moved forward. In the meantime, however, stock prices have risen. Interest costs for farms during August were 4.1%. at 4% last month The interest rate on financial accounts for farms will remain at 3.8%. The withdrawal of funds from accounts to farms had achieve a 4.2% increase in August and September at 4.4% last month, You are doing that. In addition to the public period, The public period will be carried out during the public period. 4.2% in the month of September, 3.8% in the month of August, and 3.5% in the month of July. Funds allocated for farm financing have been withdrawn during in the previous period, as reported in our most recent payroll report, on economic risks to be taken by their customers. In showing the need for the greatest planning for institutions and work accounts, what happened during the public sector pay review body's investigation, particularly concerning account restrictions. Wage arrears had increased to 3.8% in August. or 3.5% in July, and the future of research funding Inflation related to 3% in September. Resources were allocated for research Cycling has been changed in the winter, It's not necessary for repairs to be returned in general for those contributions. Felly, recently, the Government Council today has The ECB's three key contributions must be maintained. We are dealing with establishing an operational policy to ensure Cynnydd at 2% target in the short term. We will be following up on the data balance the concern about the concern about the concern I reaffirm the Welsh position on the correct financial policy. Our financial decisions will be based on our looked at the salary the risks associated with financial data going forward, and the dynamics of financial wages the value through monetary policy transmission. We do not take responsibility for any special requirements. in any way, we are ready to newid pob un o'n adrannau o fewn a mandate to ensure that employment is based on merit a social target and to produce the basic operation of the transition Scientific. We are now ready to address your questions. First, a question for the First Minister The Social Assembly for your inquiries. Thank you very much, Prime Minister Lagarde. I have two questions. For the science of science. The first one for science of science is, For the first time, and I don't know What time was the request for forward effects? In your public report, it is highly significant. Felly, this also means the market is sufficient I expected an increase in the rate of increase over the period, Moreover, it is evident that there is a risk of further effects. And the second question is, how do you feel about Assess your situation, and tell me, I think, was during this year, the minister was the delay in the delivery of the pan, which will cause network disruptions, the area ahead could become I was much more exhausted than I am now during the course of the race, looked at France, looked at the figure of speech or perhaps And could you tell me more about your impact? Thank you. Thank you very much for your two questions ac fe wnaf i'u cynnig y byddwn yn sgilio the first with the range of rate and the questions decisions decisions decision-making As for the questions regarding me, if you say so, Soon, we will keep it until the end because it is Something is at risk of secondary effects. They have asked us very specifically. I believe you said that this Public press conferences. During the increase, the risk of recurrent effects has risen. I believe you said that during the public press interviews. During the increase, the risk of effects increases. We are asking you with great particularity for the reasons. We are increasing it, so we are making a decision at the legal point, We see it clearly. Moreover, we have observed an increase in the effects legal and for the effects at the upper end, would have taken a specially authorized decision. We are truly sorry, and at this moment in time, in silence, it's hard to see the risks affecting the end of the end, The law concerning the projection that has been addressed. Felly, as you know, the plans being included My September includes the risk of effects from the second half. Felly, we're finding that quite interesting indeed, and at this stage, it is clearly stated in the policy implementation, We do not see the effects of the risk the second part of the material at this point. If only I had the chance, since I have been Please make your question a bit more recent, I attach some importance to the discussion we have had. Moreover, as we are very confident in the effects of the second, particularly regarding the development of jobs, the job seeker's advisor, for the notes of assistance for workers, all the emissions that we need to measure, in every sector, include the startup organization of the collaboration as well Future joint financial transactions. We have also looked at what has changed significantly the previous period. The two key changes we have seen are, First and foremost, financial universities. On this stage, it's a series of financially backed universities, and it is very important, petroleum services, platform, gas, and of course, additional additions. That has increased significantly. That will be well written in and the inflation rates for energy, 18.8, if I recall correctly, It was much colder in September. Felly, clearly increasing there. Another new development has also been considered As of September, the cost of long-term financing is, That has increased, and of course, we are looking at numbers. The increase in the count is 10 years that have been received achieved over 35 points from the previous period. Felly, if you're connecting these two factors, In truth, the Government Council has discussed There was no increase that was acceptable. During the period of the eclipse that takes place which is also increasing during that period the increase that has been significant and has changed, how the Government's Internal Affairs Council chose He has been good enough so far to drive. A noticeable body movement has been common up to now. Felly, this is the discussion we've had over the past few endings, and the crystal of the last day. I believe he places importance on learning presentation skills, As much as we can, the results of the presentation, particularly in certain instances, and after all the changes we've seen, it's becoming I always use it to manage our financial proposals. Thank you very much. One of the questions is about I'm fed up with going back and forth completely. I'm not recommending that we go back. and I'm suggesting that we focus all our questions on The police arrived first, and then the others. The risk you've just mentioned regarding other risks Planning, you said the periodic path was likely. There was also context surrounding this at the time. on the Government Board because you were There is growing concern about the increase in towns selling. Felly, was there also a conflict of interest there? And due to this risk, do you think the ECB will still need to Will the towns increase in value at any point in the future? The second question is very similar to Annette's question, I am also proud of these things. Why are you not? the most important financial situation in Wales I am particularly concerned about the thought you would have I wish to give the utmost consideration to Welsh politics, I want to have the ability to write for yourself. Is this the reason? What would you do? You will be standing for an office, Will you be involved in what is happening? You're absolutely right, Balazs. and the most recent question. Regarding your first question, that was the debate then. We are looking at numbers, We are looking at growth rates, we are looking at the trethio arian ariannol o ganlyniadau'r cyfnodau ariannol. There were proposals and outcomes, the hope was placed on the lines of, I'm falling now, why? The unanimous decision was reached at the end of the discussion. We will be in a good situation and ran an additional information session, The face-to-face period will provide a great deal of information. I'll take you through the list of what We will get it next year that will help us choose That's the situation we're seeing now, a allai fod yn gwerthfawr ar gael ar gael, in order to meet him, and in this case, The location markers are very clear. Felly, the information we will receive is, set a news story about the end, It's the end, it's the end, It will be practicing a question. Two friends after finishing the new border, GDP 3.4, service charge for our services, A sudden storm descended upon the moors, company resources after operational production, increase the farms, allocate resources where the entire system runs efficiently Plans for the end and the wedding. As you can see, there is a lot of information and data to process. We will carry them out in the coming weeks. This will be particularly common with basic employment. Moreover, although the basic wage It was very interesting at the beginning of the shock, The more we move into the socket, the more fascinating it becomes. Indeed, the basic wage guidelines are fundamental. They are beginning to be much more informed, and, A big one, they wouldn't have changed. Particular attention is paid to this effect in the financial policy presentation. With those additional weeks of resources, we will have More information regarding substantial conformity. This is what we will be addressing regarding the significant alignment. Of course, the usage is perfectly consistent. We will continue to examine the compliance course. We will continue to monitor the risks. We are likely to produce scenarios again in December. Of course, we will look, of course, and the dynamics of the difference in monetary policy transmission. The basic increase is likely to be to take take take organized research We will use it in our financial policy decision. The next question for Alex Weber Bloomberg. Alex, you're on. Thank you very much. My first question is on the French bond markets in particular. So with the kind of spread widening we've seen in recent weeks, There have been a lot of questions about whether and when the ECB should get involved. Could you tell us a bit about which metrics you're specifically monitoring? Is it more about the speed of the adjustment, or the absolute level? About the spread, or is it actually about contagion to other countries? A second question, also along the same lines as my colleagues'. I'm sorry to hear about your departure. Thank you very much. You're leaving at the beginning of the year with numerous nationalisms, especially in your My dear friend. Are you considering your period this time may be able to surround display brightness ECB? Thank you very much for the two questions I will raise the question again with the other two. Felly, I hope you don't remember, I'm going to ask a reflected question A good answer indeed, Otherwise, this is a matter I have considered, which you might wish to publish. My first answer to you will be that this long, long journey, We are looking at the past 10 years, but we are looking at The law is strict, but to tell you the truth, and yet, across the world, the law itself, not particularly for globally, not specifically for all of Europe, but across the world, It has been significantly accomplished. If you are communicating periods, You will take February and now, You have a significant number The contributors who have increased social funding. This is caused by various factors. This is caused by introducing the future, This is caused by uncertainty about the future. We think that, It's a very interesting blog, and that's what I'd recommend. We believe that some of the hyperscalers are engaging in financial maneuvering, and yet add more, and increase diversity Long-term plans are also submitted as part of the role. That has affected the entire market. Research again, and that also connects to everyone from countries. The countries that lend heavily, that lend heavily, They must be factored into their fiscal policy plans. and faith provides significant contributions at a high level and similarly It will continue to remain high for a period of time. In Europe, if you are contacting these organizations, It means that university policies must be implemented. a great deal of importance is always being placed on the Welsh language, he must carry it out with the European official framework. We will clearly look at all of this, and some doubts remain. having special meals, I will say that this will come down and fall down to the They have a high level of travel in general. I will also additionally mention that the development of the market in response to the upheaval of the market policy, including through physical and environmental movements, Farchnadau, we have calculations available to respond. The criteria and the announcements relating to that, which are known, which are published, I'm sure you'll let them know. Thank you. Thank you for the flower, thank you very much. The first question is about importance. Cyllid. Are you saying that it is still ongoing during the campaign? That means, pam a byddai yna unrhyw ystyriaeth how the ECB would continue into the next period and produce again Thank you very much. So, regarding your first question, During the shopping period, do you know What will you generally do after March 7? Thank you. Thank you very much. So, regarding your first question. That is, by now, we are at the This significant period for the UK's situation. As I mentioned earlier, we will be assessing what is the development of the political situation, the financial development, the development of assessing the cost of financing and any fraud that is extremely important to assess the situation What we have now, then, Regarding what we receive in December. As I said, without major development, The leadership's involvement with the students is very clear to all of us. Is there a reason to reduce our activities in the periodic table? Nid. Nid. Nid we have limited ourselves to that. It's true that we are now more data-driven than ever. at that period, the contemporaries We can also understand what the staff is presenting to us. and the information they are collecting, and the information they are doing, and if it was fully responsible for achieving our target of 2% on The social period, it is not referred to as periodic tables. We intend to announce the number of attendees that will be present at to carry out financial policy. Question. Olaf Storbeck Financial Times. Olaf. That is, thank you for taking my inquiries. I have also completed your decisions today's designs. Felly, you are eight out of 26 public members in the history of the ECB. First to leave, taking a much larger share. Does this indicate some shortcomings in governing the ECB or... Sorry, can you fulfill your question? Of the 26 public members initially, eight of them, About that, I'm not sure. You will have died before carrying out the common term, quite a bit. Regarding this, there are pressures within the government. Regarding this, eight years are clearly evident. What did you say in the presentation Bloomberg at the beginning of the year, I wonder if he's referring to the common term. Felly, I'll look at your ideas regarding that. Moreover, regarding the return to French responsibilities, I believe the recent increase is the French government's responsibility. I am not currently involved in any work for the ECB, Is it your need to increase liabilities? Why is it increasing because of that? Thank you. Thank you. Regarding your first question, I will report only the matter regarding the government. I believe the ECB's government has demonstrated its solidity. We have moved forward in the past. Business content has always been My motto for this organization. It's not a problem. I've got full confidence. and it will continue to apply the principles of inclusion focus on the duty to reach the target 2% of the social period. A gallwch chi gael gwared ar y byddwn ni'n rhagorol gweithio heb unrhyw adnodd, without any hesitation, without any hesitation. Regarding your other questions, I think I've already made it known, it is one of the phenomena we have discovered, It has changed the image due to September. Otherwise, that is, you're fine, it's Long-term increases on the board. Felly, in most parts of some countries, in most parts of others, when you start looking at the threads, We are looking at everything. That has been a valuable element, If you are asking, for the increase in energy prices. Felly, energy prices have increased significantly. The planning costs for this long-term project have been substantial. increasing that. that's within those opportunities We will deal with this in the coming weeks, with a focus on designing another foundation after another, We will make our decisions in December. During the next question, Andres Stumpf, expansion in Spain. Andres, if you please. Hello, Prime Minister. I would like to know whether the thing we're not going up with is due to Financial periods and accounting plans in marketing. That is the only thing. During the meeting, if something were to happen throughout the month of government, The ECB is not working new value of the account and change it again because of this. The second question regarding the other pile. The periods in the European Council The European Parliament is going to deal with the periods Before you go back, will you be looking at that at all, or not contacting it at all Where are you now? Thank you, for keeping close. That's very good for you, I will try to fulfill your request again. I will answer the other questions. Felly, I believe you are right to act a decisive moment. I wasn't meddwl amdano, ond rydych chi'n iawn mewn gwirionedd it does not function as a decision without writing, Otherwise, we were asking the question of ourselves, There were several of us there assessing and considering was already being sold at that time, The last assignment we had to complete was due with as many data elements, hundreds, and those we will assess against a policy activity between financial order. Felly, I've said it, and you'll continue to think I hate to say it, but we've decided to meet again and again. Felly, I'm not showing it We will not be working in the month of October. My next meeting is next year, as I have already stated. Earlier, I believed I was responding to an earlier question. The assessments we are conducting are being developed Given the importance of the gathering, the leadership's presence is clear. And the next question, Jean-Philippe Lacour, AFP Jean-Philippe, we shall see you. Good morning, Madam President. Good morning, Sir. I have a question related to Contribution and it is only for the second and the last answer and the questions we have submitted today. What is the issue that most influences your decision-making in Wales? What is your local politician's name? The high-level presentations at this point are not unique. Please tell me what the key decisions are. what would you like? if you wish to continue being friendly toward this situation, a place where the truth of your planning would be realized, Are you willing to support working together with one collaborator, Which one are you doing that with? Finally, perhaps very delicate questions, How did you recognize your child when you made your decision? What about your other questions regarding social politics? Alright, then, if you please, Viggo Ryswick from the Legal Telegraph. Thank you. I was thinking the same thing. A little French, so it's something of a sort Police are monitoring the situation closely at present in Wales. and the crystals that are increasing, Many of those things have changed in the past six months. As much time has been known as has been known In a little while, There are now discussions about the possibility of another euro referendum. I was wondering what your thoughts are on that, I also have another question for you. Good evening. During the first six months of 2027, Three members of the advisory board will be leaving the ECB. I was thinking how you would the ECB's monetary policy in this manner. Thank you. Many thanks indeed. Regarding your question, I think I'll take a break. My dear friend, about what's been making me so busy lately Soon, otherwise it concerns It's about a country, but it concerns all countries. Felly, there were changes there Over the past six months, changes have been evident. These changes are connected to every country, my new developments regarding energy prices in general, their new changes regarding the budget, at the end of the period, the balance and the cost of the balance. As is obvious, we are aware of those initiatives. Are you not going to proceed with the presentations? Performances will continue, clearly. to carry out a mission or to rescue the prisoner, we will continue to do that on the based on all the information we receive. Thank you. I'm going to our online representatives. I'd like to give the photograph to Sylwia Berzoni of Cora Media. Sylwia, Well, if you're feeling well. Thank you very much, Prime Minister. I think we're all sorry about your failure. Felly, if it's possible, I'll answer your question. First, what is the thing that's most important to you today? The financial statements and the financial statements. In silence, the increase comes The number of financial firms in Wales is smaller than that of the same type of Nidolion to the Nidolions during the take-over program. Felly, are your figures still in August? Are your mechanical drawings during this time? Thank you very much. Thank you very much. Thank you very much. Felly, anything that will be in my greater trial is any what is affecting the stability of the value, given that we are confident in our mandate, The value is stable in our surroundings. Felly, obviously, a decision is very important, but it is not The value is established without monetary stability. Felly, we need to keep an eye out for any difficulties. Stabilize Ariannol at any difficulties in stabilizing the value. Felly, I'd say I'll be planning that too, Otherwise, what is leading us is the must defend the chief. I think you have another question now, It's about time. He told me you would like it. Who was the choice? The valuable resources of Wales were being utilized and operated. That was important, very important in the census In reality. I'm sorry. I was wrong. He will take the money coming in for the investment. I also know about a certain fact, but that is from a previous life, The government is in a major crisis concerning Britain in particular, That's very important indeed. There is no institution according to the laws, You know, get in touch here, get in touch here, contact and writing. We are using the free web hosting service. I want to carry out the other question. Alright. So, let me clearly go in then I'll address any particular aspects of your questions The rain began to fall. Felly, my dear friend, I must begin from my position as Principal Wales after the Royal Commission on the Welsh Language. Felly, will you be receiving opportunity, at which I will have the great opportunity to see and these few who continue to move forward, Work days. Once in December, once in February. Felly, we've already done it. We'll continue to see A gillyd. And I'm happy about that. It is never a good time to delay. and it concerns the governance of the ECB. University professors, Members must write because they are unable to attend. allan for renewal. Therefore, my interest would end at any The event is 2027. The reason I consider at the end of my reasoning, I will be living in March 2027, rather than the end, as I have already stated to all collaborators, the staff and the leaders, Otherwise, I want to have the floor to speak, and below writing and the below to communicate It's about economic policy matters. As you may know, as a University and the European National Parks and partners at the practice board and the Government Board We are including the very same remark. We are able to take reality as understanding. We are engaged and the situation with the center of gravity on monedol performance. We are being pressured by a single mandate, and we are not forget about that mandate, That's precisely the price we're asking for, as it's unique. As of now, in many ways the world, not a single European dimension, not a single way Europe, I believe my liking can help, if it were to work, for a while It's a principle that's habitual for me. Based on those principles, since I believe, Jean-Philippe Lacour, You've asked me to I don't think I can continue to remain neutral. I don't think I could be the neutrality of this at present. I am concerned about the truth. And I see the truth. to teach him very often, to have him environmental education by environment, and from the In the situation I have been in over the past 20 years of my life, on economic and financial issues, and the international director as Director Director of the IMF, at the University of the ECB, There's nothing I can say. Whether people are listening or not, it's another story. And I feel like I'm saying those things, I cannot do that in my current situation. Thank you. This is gathering momentum in relation to our important meeting. Ac... And, now, one other thing I'd like to say, Otherwise, I don't want to... I will have the opportunity to reduce it. Felly, make sure the ECB is not going to perform well with a perfect performance debut. The process has begun to locate my perpetrator. Many employers are great. More than me, in reality. Felly, do not pursue your ambition any further in business. Do not delay your actions in making decisions while in limbo. No. Not at all. The organization is swift and highly significant. Well said, and it will continue to be so. Thank you. We'll see each other again, if you'd like, on December 17th. Yes, for the current meeting. Many thanks indeed.