Lagarde says 2022 interest rate hike unlikely but ECB will act if needed

'A hump eventually declines, and this is what we project for 2022'

European Central Bank president Christine Lagarde described the current spike in prices as temporary.

European Central Bank president Christine Lagarde called the prospect of an interest rate increase next year unlikely, but said she would quickly take action to combat elevated inflation should it become necessary.

“When the conditions of our forward guidance are satisfied, we will not hesitate to act,” Ms Lagarde said.