European Central Bank President Christine Lagarde said on Tuesday that the central bank is committed to attain the 2 percent inflation target and that it has made some progress in the process though persistent inflation requires more effort. "Monetary policy currently has only one goal: to return inflation to our 2 percent medium-term target in a timely manner," Lagarde said in a speech at an ECB forum in Sintra, Portugal. "And we are committed to reaching this goal come what may." Without any material change to the euro area outlook, the bank will continue to increase rates in July, Lagarde reiterated.
"We have made significant progress but - faced with a more persistent inflation process - we cannot waver, and we cannot declare victory yet," the ECB chief added.
