Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to cut key rates by 25 basis points in June and responds to questions from the press.

Key quotes

"We expect the economy to continue to recover."

"Recovery to be supported by rising real incomes."

"Surveys point to jobs growth in near term."

"Price pressures are gradually diminishing."

"Wages are rising at an elevated pace."

"Staggered nature of wage adjustment process, labour costs will likely fluctuate in near term."

"Forward looking indicators signal moderating wage grwoth."

"Profits are absorbing parts of rise in unit labour cost."

"Inflation to fluctuate around current levels for rest of year."

"Inflation will then decline towards target in the second half of 2025."

"Risks to growth tilted to the downside over medium term."

"Risks to growth balanced in near term