ECB President Lagarde said the bank cannot guarantee it will act at its December
meeting and that policy will remain data-dependent and decided on a
meeting-by-meeting basis. She described the backdrop as one of large uncertainty
— citing energy shocks, the Russia-Ukraine conflict, a breakdown of the familiar
world order, trade and supply-chain disruptions and a shift from efficiency to
security — and said that, barring a major new shock, recent developments are
consistent with her expectations.
