ECB Sees Inflation 'Too High for Too Long,' Lagarde Says

The transcript discusses the European Central Bank's (ECB) concerns about high inflation and their commitment to returning it to a 2% target. To achieve this, the ECB has decided to raise key interest rates by 25 basis points. The decision is based on the current economic and financial data, as well as the dynamics of underlying inflation. The ECB's macroeconomic projections for the euro area indicate an upward revision of inflation for 2023 and 2024, mainly due to higher energy prices, while 2025 sees a slight downward revision.

What is the medium-term target for inflation mentioned in the text?

What was the decision made by the Governing Council regarding the ECB interest rates?

How does the text describe the inflation outlook for the euro area in 2023 and 2024?

What revisions were made for the inflation projections for 2023, 2024, and 2025?

What factors are mentioned as influencing the upward revision for 2023 and 2024?