According to Jinshi, European Central Bank President Christine Lagarde said officials will finalize a policy framework in the coming months, according to which the central bank is likely to continue to rely on holding bonds. Lagarde told lawmakers in the European Parliament: "As liquidity gradually declines, we will have to decide at some stage how much liquidity is needed, what interest rate to use as an anchor for interest rates, and what mechanism to use to guide interest rates." She also said that this is likely to include a portfolio of bonds and loan operations of different maturities. Although Lagarde refused to speculate on the exact size of the future balance sheet, she said that "in terms of direction, it will be lower." ECB officials have begun to gradually reduce their bond holdings as they raise interest rates to fight inflation. They are now agreeing on a new framework for how to implement monetary policy in the future, and Lagarde said this work will be completed within a few months.