Lagarde stated that the European Central Bank has not yet seen the second round effect.

European Central Bank President Lagarde said, "We have not seen the second round effects yet." "We have indeed seen the direct impact, as well as some indirect effects, but there is definitely no sign of a second round effect, which we need to pay special attention to." "For example, when I read the results of business phone surveys, business executives do not have a strong intention to raise wages." She stated that the financial environment is tightening. "For these reasons, we hope to give ourselves more time to conduct more in-depth and comprehensive analysis in order to decide in June what measures need to be taken to achieve the 2% inflation target." She also stated that she is aware of the European Central Bank's policy direction on interest rates.