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

"We need to be further along in the disinflation process before we are confident about hitting the inflation target in a timely manner."

"Operation framework review work is advancing at a fast pace."

"Review outcome is most likely to come by the end of the spring."

"Review won't matter won't necessarily matter in the short term."

"PMI data a small signal that recovery conditions are coming into place."