這將刪除頁面 "TEXT-Lagarde's Statement After ECB Policy Meeting"
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June 5 (Reuters) - Following is the text of European Reserve bank President Christine Lagarde's declaration after the bank's policy conference on Thursday:
Link to declaration on ECB website: https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250605~f00a36ef2b.en.html
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Good afternoon, the Vice-President and I invite you to our interview.
The Governing Council today decided to decrease the 3 crucial ECB rates of interest by 25 basis points. In specific, the choice to decrease the deposit facility rate - the rate through which we steer the monetary policy stance - is based upon our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy .
Inflation is currently at around our two per cent medium-term target. In the standard of the new Eurosystem staff projections, heading inflation is set to typical 2.0 per cent in 2025, 1.6 per cent in 2026 and 2.0 per cent in 2027. The downward modifications compared with the March forecasts, by 0.3 percentage points for both 2025 and 2026, primarily show lower presumptions for energy prices and a more powerful euro. Staff expect inflation excluding energy and food to typical 2.4 percent in 2025 and 1.9 per cent in 2026 and 2027, broadly unchanged considering that March.
Staff see real GDP growth balancing 0.9 percent in 2025, 1.1 per cent in 2026 and 1.3 percent in 2027. The unrevised growth projection for 2025 shows a more powerful than anticipated very first quarter combined with weaker prospects for the rest of the year. While the uncertainty surrounding trade policies is expected to weigh on company investment and exports, specifically in the brief term, increasing federal government financial investment in defence and infrastructure will increasingly support development over the medium term. Higher genuine earnings and a robust labour market will permit homes to invest more. Together with more favourable financing conditions, this need to make the economy more resilient to international shocks.
In the context of high uncertainty, personnel also evaluated some of the systems by which various trade policies could affect development and inflation under some alternative illustrative situations. These circumstances will be published with the staff forecasts on our site. Under this scenario analysis, a further escalation of trade stress over the coming months would lead to growth and inflation being below the standard projections. By contrast, if trade stress were fixed with a benign outcome, development and, to a lesser degree, inflation would be greater than in the standard projections.
Most steps of underlying inflation suggest that inflation will settle at around our two percent medium-term target on a continual basis. Wage growth is still raised however continues to moderate noticeably, and profits are partially buffering its effect on inflation. The issues that increased uncertainty and an unstable market reaction to the trade tensions in April would have a tightening effect on financing conditions have alleviated.
We are figured out to make sure that inflation stabilises sustainably at our 2 percent medium-term target. Especially in present conditions of remarkable uncertainty, we will follow a data-dependent and meeting-by-meeting method to identifying the proper financial policy stance. Our rate of interest decisions will be based on our evaluation of the inflation outlook because of the incoming financial and financial information, the dynamics of underlying inflation and the strength of financial policy transmission. We are not pre-committing to a specific rate path.
The choices taken today are set out in a press release available on our website.
I will now lay out in more information how we see the economy and inflation developing and will then describe our evaluation of monetary and financial conditions.
Economic activity
The economy grew by 0.3 per cent in the first quarter of 2025, according to Eurostat ´ s flash estimate. Unemployment, at 6.2 percent in April, is at its least expensive level given that the launch of the euro, and work grew by 0.3 per cent in the very first quarter of the year, according to the flash estimate.
In line with the staff projections, study data point total to some weaker prospects in the near term. While production has actually reinforced, partially since trade has actually been advanced in anticipation of greater tariffs, the more locally oriented services sector is slowing. Higher tariffs and a more powerful euro are expected to make it harder for companies to export. High uncertainty is expected to weigh on investment.
At the same time, a number of factors are keeping the economy durable and needs to support growth over the medium term. A strong labour market, increasing real earnings, robust economic sector balance sheets and simpler financing conditions, in part because of our past rate of interest cuts, ought to all help consumers and companies hold up against the fallout from an unpredictable worldwide environment. Recently revealed measures to step up defence and infrastructure investment ought to also strengthen growth.
In the present geopolitical environment, it is a lot more immediate for fiscal and structural policies to make the euro location economy more efficient, competitive and resistant. The European Commission ´ s Competitiveness Compass offers a concrete roadmap for action, and its propositions, consisting of on simplification, should be promptly embraced. This includes completing the savings and financial investment union, following a clear and enthusiastic schedule. It is likewise essential to rapidly develop the legal framework to prepare the ground for the potential introduction of a digital euro. Governments should make sure sustainable public finances in line with the EU ´ s economic governance structure, while prioritising necessary growth-enhancing structural reforms and strategic financial investment.
Inflation
Annual inflation declined to 1.9 per cent in May, from 2.2 per cent in April, according to Eurostat ´ s flash price quote. Energy price inflation remained at -3.6 per cent. Food cost inflation increased to 3.3 per cent, from 3.0 percent the month before. Goods inflation was the same at 0.6 per cent, while services inflation dropped to 3.2 per cent, from 4.0 percent in April. Services inflation had leapt in April primarily since rates for travel services around the Easter holidays increased by more than expected.
Most indicators of underlying inflation suggest that inflation will stabilise sustainably at our two per cent medium-term target. Labour expenses are slowly moderating, as shown by incoming information on worked out salaries and readily available nation data on payment per staff member. The ECB ´ s wage tracker points to a further easing of negotiated wage growth in 2025, while the staff projections see wage development falling to below 3 per cent in 2026 and 2027. While lower energy rates and a more powerful euro are putting downward pressure on inflation in the near term, inflation is anticipated to return to target in 2027.
Short-term consumer inflation expectations edged up in April, likely showing news about trade tensions. But many procedures of longer-term inflation expectations continue to stand at around 2 per cent, which supports the stabilisation of inflation around our target.
Risk evaluation
Risks to financial growth stay tilted to the disadvantage. A further escalation in global trade tensions and associated unpredictabilities could decrease euro location development by dampening exports and dragging down investment and consumption. A degeneration in monetary market sentiment could lead to tighter financing conditions and greater threat aversion, and make firms and households less happy to invest and consume. Geopolitical stress, such as Russia ´ s unjustified war against Ukraine and the awful conflict in the Middle East, stay a major source of unpredictability. By contrast, if trade and geopolitical tensions were solved swiftly, this could raise belief and spur activity. An additional boost in defence and infrastructure costs, together with productivity-enhancing reforms, would also contribute to development.
The outlook for euro location inflation is more unsure than normal, as an outcome of the unstable global trade policy environment. Falling energy costs and a more powerful euro might put more downward pressure on inflation. This could be enhanced if higher tariffs resulted in lower need for euro area exports and to nations with overcapacity rerouting their exports to the euro location. Trade stress could result in greater volatility and risk hostility in monetary markets, which would weigh on domestic demand and would thus also lower inflation. By contrast, a fragmentation of global supply chains could raise inflation by rising import costs and adding to capability constraints in the domestic economy. An increase in defence and facilities costs could also raise inflation over the medium term. Extreme weather condition events, and the unfolding environment crisis more broadly, could increase food rates by more than expected.
Financial and monetary conditions
Risk-free interest rates have remained broadly the same considering that our last conference. Equity prices have actually risen, and corporate bond spreads have narrowed, in action to more positive news about international trade policies and the enhancement in worldwide threat belief.
Our past interest rate cuts continue to make corporate loaning cheaper. The average rate of interest on new loans to firms declined to 3.8 percent in April, from 3.9 percent in March. The expense of providing market-based debt was the same at 3.7 per cent. Bank lending to companies continued to enhance slowly, growing by an annual rate of 2.6 per cent in April after 2.4 percent in March, while corporate bond issuance was suppressed. The typical rate of interest on brand-new mortgages stayed at 3. 3 percent in April, while growth in mortgage lending increased to 1.9 per cent.
In line with our financial policy strategy, the Governing Council thoroughly examined the links in between monetary policy and financial stability. While euro area banks stay resistant, wider financial stability dangers stay raised, in particular owing to highly uncertain and unstable worldwide trade policies. Macroprudential policy remains the very first line of defence against the accumulation of monetary vulnerabilities, improving durability and protecting macroprudential area.
The Governing Council today decided to decrease the 3 essential ECB interest rates by 25 basis points. In specific, the choice to reduce the deposit center rate - the rate through which we guide the monetary policy stance - is based upon our upgraded evaluation of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. We are identified to make sure that inflation stabilises sustainably at our two percent medium-term target. Especially in existing conditions of extraordinary uncertainty, we will follow a data-dependent and meeting-by-meeting method to identifying the proper financial policy position. Our interest rate choices will be based on our assessment of the inflation outlook in light of the inbound economic and financial data, the characteristics of underlying inflation and the strength of financial policy transmission. We are not pre-committing to a specific rate course.
In any case, we stand ready to change all of our instruments within our required to guarantee that inflation stabilises sustainably at our medium-term target and to preserve the smooth functioning of monetary policy transmission. (Compiled by Toby Chopra)
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這將刪除頁面 "TEXT-Lagarde's Statement After ECB Policy Meeting"
。請三思而後行。