According to Jinshi, European Central Bank President Christine Lagarde said that the ECB still has a long way to go to defeat inflation and needs to continue to put the brakes on economic growth. The ECB cut interest rates from record highs on Thursday, but did not commit to further cuts after releasing a series of disappointing wage and inflation data in recent weeks. Lagarde said there is still a long way to go before inflation is squeezed out of the economy. This will not be a completely smooth journey. Interest rates must remain restrictive as long as necessary to ensure lasting price stability.