European Central Bank President Christine Lagarde said Friday the bank will not “stand idly by” if there is a simultaneous increase in profits and wages given persistently high inflation in the region. The euro zone has been battling high inflation for around a year given firstly, record-high energy costs, and more recently, soaring food prices. Headline inflation has slipped in recent months, dropping to 5.5% in June from 6.1% in May, according to preliminary data. Nonetheless, it remains well above the ECB’s target of 2% and the central bank does not expect it to fall to target before 2026. As such, the ECB is ... (full story)