During a symposium in Jackson Hole, European Central Bank (ECB) President Christine Lagarde emphasized the necessity for interest rates in the eurozone to stay elevated for an extended period.
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According to Euronews, over the past year, the key interest rate in the euro area has surged from 0.5% to 3.75%, marking the sharpest increase since the launch of the single European currency. Despite the progress achieved, Lagarde asserts that inflation remains far from the desired 2% target, currently averaging at 5.3% across the eurozone.
Similar anti-inflation measures are being adopted by the United States Federal Reserve, as confirmed by its Chair, Jerome Powell.
On August 25, powell stated that attaining target indicators will require a prolonged journey, yet he did not rule out the possibility that the Federal Reserve might maintain the current interest rate level at the upcoming meeting, rather than further raising it.