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

"Inflation in December may be a bit lower."

"January and February inflation are likely to be higher."

"What matters is the destination."

"Food and energy inflation will continue to rise."

"We hope for ESM ratification by Italy in short order."

"ESM can be activated if necessary."