Lagarde speech: We did not discuss alternatives

Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to raise key rates by 25 basis points at the June policy meeting and responds to questions from the press.

Key takeaways

"Risks to growth outlook are to the downside."

"Middle East war among downside risks to growth."

Risks to inflation outlook are to the upside."

"If energy prices were to rise more or for longer, inflation would increase further."

"Bigger spillover to other prices is among upside risks."

"We did not discuss alternatives."

"Discussion was not at all about insurance hike."

"Indirect cost of Iran war also showing up."

"Decision is robust across three scenarios."