Christine Lagarde, President of the European Central Bank (ECB), is delivering her remarks on the policy outlook and responding to questions following the bank's decision to hike key rates by 75 basis points following the September policy meeting.

Key quotes

"Downside scenario for growth includes negative growth in 2023."

"Downside scenario sees gas rationing."

"Downside scenario is really dark."

"Premature to look at other policy instruments (quantitative tightening)."

"We have started the process of normalization."

"Noted the depreciation of the euro."

"We will resolve matter of TLTRO, other remuneration."

"We are still stimulating the economy."