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 50 basis points.

Key quotes

"Outlook clouded for second half of 2022 and beyond."

"Economic activity is slowing."

"The war is an ongoing drag."

"Firms face higher costs, supply chain disruptions."

"Supply bottlenecks may be easing."

"Global energy prices may stay high in near term."

"Price pressure is spreading across more and more sectors."

"We expect inflation to be undesirably high for some time."

"Higher inflation pressures also stem from weaker euro."