Gold climbs into uncharted territory as investors flock to safety

It is a pleasure to be with you again for our regular dialogue. In recent months we have faced a period of heightened uncertainty. Yet, despite these challenges, the euro area economy has held up well. This resilience is no coincidence. It reflects, in no small part, the strength of two achievements we sometimes take for granted: our Single Market and our single currency, the euro. As a foundation for stability and a powerful symbol of European unity, both at home and abroad, the euro is one of Europe’s greatest assets. But in today’s geoeconomic world, the likelihood of larger and more diverse economic shocks is expected to remain a constant feature of our environment. This prompts an important question: in this new global landscape, what role should the euro play on the world stage? I will focus specifically on this question in my remarks today. However, let me first provide an overview of our assessment of the euro area economy and our monetary policy stance. ECB'S LAGARDE: THE DISINFLATIONARY PROCESS IS OVER THE RANGE OF RISKS ON BOTH SIDES HAS NARROWED FOR INFLATION ECB's President Lagarde: The Euro area has held up well amid uncertainty. ECB's President Lagarde: Underlying inflation is consistent with mid-term goal. ECB's President Lagarde: No currency's global position is guaranteed.

ECB's President Lagarde: We are data dependent on rates. ECB's President Lagarde: We're still anticipating growth in 2H, but weaker than in 1H.