European Central Bank President: Growth Data is "Encouraging"

European Central Bank President Christine Lagarde revealed in an interview published today, Sunday, that the GDP data from France, Germany, and Spain is "very encouraging" and confirms the bank's forecasts. Lagarde stated in an interview with the French newspaper "Le Figaro": "The GDP figures for the second quarter in France, Germany, and Spain are very encouraging." She added, "They support our forecast of GDP growth in the Eurozone of 0.9 percent this year." The European Central Bank raised interest rates for the ninth consecutive time on Thursday, but it has strengthened the likelihood of a pause next month. In response to the historic rise in prices, the ECB has so far increased borrowing costs by 425 basis points since last July, fearing that price growth may continue due to rising costs and wages in an exceptionally strong job market. Despite the recent decline in inflation in the Eurozone, the bank aims to reduce it to two percent.