European Central Bank President Christine Lagarde said there will be more interest rate hikes in future, at a steady pace, as the euro area is expected to undergo a shallow recession and inflation in the single currency bloc is set to remain uncomfortably high for a long time.
"We decided to raise interest rates today, and expect to raise them significantly further, because inflation remains far too high and is projected to stay above our target for too long," Lagarde said in her introductory statement to the post-decision press conference.
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