FRANKFURT, Oct 27 (Reuters) – The European Central Bank raised its key interest rate by 75 basis points on Thursday to 1.5%, the highest level since 2009, and signalled an intention to start mopping up cash from the banking system to fight record-high inflation.
Following are highlights of ECB President Christine Lagarde’s comments at a news conference after the policy meeting.
SIGNIFICANT SLOWING
“Economic activity in the euro area is likely to have slowed significantly in the third quarter of the year, and we expect a further weakening in the remainder of this year and the beginning of next year.”
(Reuters Global News Desk)
