Comments from Lagarde in the opening statement

  • Momentum has moderated but eurozone continues to recovery strongly
  • Expects inflation to rise further, then decline in 2022
  • Grip of the pandemic has weakened
  • High energy prices may reduce purchasing power
  • Economy expected to exceed pre-pandemic level by year end
  • Risks to the outlook are balanced (previously was 'broadly balanced')
  • Economy could outperform if consumers become more confident
  • Recovering demand is outpacing supply