Poilievre will do 'anything to win,' must condemn Alex Jones endorsement: Trudeau
Prime Minister Justin Trudeau is ramping up his attacks on Conservative Leader Pierre Poilievre as he promotes his government's federal budget.
The head of the European Central Bank said Tuesday that it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to "stamp out" inflation if it surges faster than expected.
In a speech opening an ECB forum on central banking in Sintra, Portugal, bank President Christine Lagarde used strong terms as policymakers target inflation running at a record 8.1% in the 19 countries using the euro. With new inflation figures due out Friday, Lagarde said the bank is using the dual approach to be able to respond to economic uncertainty.
Russia's war in Ukraine has led to surging energy and food prices that are higher than those seen in the 1970s and '80s, and "given its energy dependence, the euro area is experiencing these shocks acutely," Lagarde said.
"The size and complexity of these shocks are also creating uncertainty about how persistent this inflation is likely to be," she said.
The bank has already announced it will end asset purchases that worked to boost the economy on Friday, and follow with its first interest rates hikes in 11 years at its meeting next month. It will also raise rates in September but is leaving the option open for a bigger hike than the quarter-point increase in July, in case inflation keeps spiking.
The ECB also is trying to avoid further hurting economic growth by acting too aggressively, having "revised markedly down our forecast for growth in the next two years," Lagarde said.
But "there are obviously conditions in which gradualism would not be appropriate. If, for example, we were to see higher inflation threatening to de-anchor inflation expectations or signs of a more permanent loss of economic potential," she said, "we would need to withdraw accommodation more promptly to stamp out the risk of a self-fulfilling spiral."
Other central banks around the world, including the U.S. Federal Reserve, have moved quicker than the ECB to combat runaway inflation. But they face the threat of spurring a recession as they make borrowing more expensive, with Fed Chair Jerome Powell acknowledging last week that "it's certainly a possibility."
The Fed has raised rates three times this year, including an increase of three-quarters of a point that marked its biggest hike in nearly three decades, and has more planned. The Bank of England has raised rates five times since December.
Powell and Bank of England Governor Andrew Bailey will join Lagarde for a policy panel discussion at the ECB forum on Wednesday.
Prime Minister Justin Trudeau is ramping up his attacks on Conservative Leader Pierre Poilievre as he promotes his government's federal budget.
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
There are 63 wildfires burning in Alberta's forest protection area as of Wednesday morning and seven mutual aid fires, including one in the Municipal District of Peace.
Arrests have been made after five men were captured on video rampaging through a jewelry store in Toronto, waving weapons and smashing glass display cases.
The RCMP says a former SNC-Lavalin executive has been sentenced to three and a half years in prison in connection with a bribery scheme for a bridge repair contract in Montreal.
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.