Christine Lagarde, President of the European Central Bank (ECB), is delivering her remarks on the policy outlook and responding to questions from the press following the Governing Council's decision to hike key rates by 50 basis points in December.

Key takeaways

"High inflation, tighter financing conditions dampen spending and production."

"Global growth slowing also due to tighter financial conditions."

"Weaker economy could lead to a somewhat higher unemployment rate."

"Job creation is expected to slow."

"Fiscal measures could exacerbate inflationary pressures."

"Price pressures are strong across sectors partly due to high energy costs."

"Supply bottlenecks are gradually easing."

"Depreciation of Euro has added to inflation."

"Wage growth is strengthening."