Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave the key interest rates unchanged in January and responds to questions from the press.

Key quotes

"Observing shipping cost increases, delivery delays."

"Seeing some stabilization in wage tracker."

"Seeing slight reduction of vacancies advertised."

"Wage growth is directionally good from our perspective."

"Wage growth is already declining. Our hope is that wage increases are sufficiently absorbed by profits."

"We are not seeing second round effects.

About ECB's press conference

Following the ECB´s monetary policy decisions, the ECB President delivers a prepared statement and responds to questions from the press on the policy outlook. Her comments may influence the volatility of EUR and determine a short-term positive or negative trend. Her hawkish view is considered as positive, or bullish for the EUR, whereas her dovish view is considered as negative, or bearish.