Referring to the problems experienced in the global banking sector, ECB President Christine Lagarde said that the banking sector in the Euro Zone is resilient.

ECB President Lagarde commented on the latest developments in the banking sector in her speech at the European Parliament in Brussels.

Stating that the ECB is following the events closely, Lagarde said that they welcome the latest steps taken by the Swiss authorities.

“We are closely monitoring the developments in the market. We are ready to do whatever is necessary to maintain price stability and financial stability. Our banking sector is resilient with its strong capital and liquidity position. The ECB’s policy tools are also in a position to provide liquidity to support the financial system when necessary.” Lagarde said.

Lagarde, who predicts that inflation will stay higher for a long time, stated that the bank’s rate steps will depend on the data.