Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave the key interest rates unchanged in January and responds to questions from the press.

Key quotes

"Economy is likely to have stagnated in Q4."

"Incoming data signal weakness in the near term."

"Some surveys point to growth further ahead."

"Demand for labour is slowing."

"New budget rules should be implemented wihout delay."

"Inflation expected to ease further over 2024."

"Domestic price pressures are high but some measures started to ease."

"Longer term inflation term expectations mostly stand around 2%."

"Risks to growth are tilted to the downside