Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to lower the benchmark interest rate by 25 basis points at the October policy meeting and responds to questions from the press.

Key takeaways

"Wage pressures are strong."

"Negotiated wage growth to remain high and volatile over remainder of year."

"Inflation to drop to target in 2025."

"Disinflation supported by receding labour cost pressures, past tightening."

"Most measures of inflation expectations at around 2%."

"Risks to growth are tilted to downside."

"Wages, profits, geopolitics are among upside risks to inflation."

"Downside risks to inflation include low confidence, geopolitical stress, low investment."