European Central Bank (ECB) President Christine Lagarde stressed on Friday during the World Economic Forum (WEF) in Davos that "stay the course" is her "mantra" concerning monetary policy and urged policymakers around the world to do the same to achieve the output recovery.
Lagarde described 2022 as "a weird, weird year" as the low figures for growth seen in the world's biggest economies were "not usual." She expressed her hope that "cooperates, consumers, and state policymakers will continue to have that resilient, determined approach" that will lead to recovery.
Speaking about China's easing of its COVID-19 restrictions, Lagarde said that "we should welcome" Beijing's determination to improve its economic results in 2023. However, she also warned that it will bring "inflationary pressure for the rest of us" as China will be buying a lot more energy than in 2022, which will drive energy prices up.
