ECB hopes to achieve its 2% inflation target by 2025, with four more interest rate cuts expected by June
European Central Bank President Lagarde stated that the 2% inflation target is within reach.
In a video posted on X on Wednesday, she said, "We have made significant progress in reducing inflation in 2024, and we hope to achieve our goals as expected by 2025 and achieve our strategic objectives as planned. Of course, we will continue to work hard to ensure that inflation remains stable at the mid-term target of 2%
Consumer price growth in the eurozone slowed down last year and fell below the European Central Bank's target level in September, but has rebounded in recent months. Lagarde warned that it will fluctuate around the current level in the near future.
Nevertheless, the economic slowdown has led policymakers to cut interest rates by 25 basis points four times, and economists expect four more cuts by June.
Lagarde described the European Central Bank's 2025 plan as a "heavy agenda" and emphasized the review of the central bank's monetary policy strategy, digital euro, and redesign of eurozone banknotes, although the latter project will not be completed this year.
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