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

"Significant and steady pace have to be read together."

"Obvious that we should expect 50 bps hikes for period of time."

"QT would represent roughly half of redemptions over that period."

Market reaction

EUR/USD rose sharply on these comments and was last seen trading at fresh multi-month highs above 1.0700.