Lagarde vows nimble ECB policy as July hike plan proceeds

Lagarde's remarks underline the ECB’s base case for normalizing monetary policy as some officials float the idea of moving more aggressively.

European Central Bank President Christine Lagarde affirmed plans for an initial quarter-point increase in interest rates in July but said policy makers are ready to step up action to tackle record inflation if warranted.

Speaking at the ECB’s annual retreat in Sintra, Portugal, Lagarde offered reassurances that a new anti-crisis instrument yet to be announced won’t stand in the way of tackling the fastest surge in consumer prices since the euro was introduced.