Lagarde says goal of ECB rate hikes 'is not to create a recession'

ECB president Christine Lagarde: 'Our primary objective is price stability and we have to deliver on that.'

European Central Bank president Christine Lagarde said borrowing costs will be raised at the next “several meetings” to ensure inflation expectations remain anchored and price gains return to the target.

Addressing an event in Frankfurt, Ms Lagarde said bringing inflation back to the 2% medium-term goal is the ECB’s main mission — despite increasing concerns about recessions in countries across the 19-members of the eurozone.