Breaking news.. Live coverage of the press conference by European Central Bank Governor Christine Lagarde.

The European Central Bank decided, at the conclusion of its meeting on Thursday, to lower interest rates by 25 basis points, as indicated by market consensus. The press conference was led by ECB President Christine Lagarde, along with Vice President Luis de Guindos. Below are the key statements from the ECB's press conference:

First: Lagarde reads the interest rate statement:

• The ECB has decided today to lower interest rates by 25 basis points to 3.40%.
• This decision comes amid easing inflationary pressures.
• Inflation is on a path toward a decrease to the 2% target.
• Inflation expectations are influenced by recent negative surprises in economic activity indicators.
• Financing conditions remain tight.
• Domestic inflation remains high, with wages still rising at an elevated pace.
• The central bank will maintain interest rates sufficiently restrictive for as long as necessary to achieve this target.
• Interest rate decisions will be based on an assessment of inflation expectations in light of incoming economic and financial data, core inflation dynamics, and the strength of monetary policy transmission.
• The ECB does not pre-commit to a specific path for interest rates.
• Economic activity in the Eurozone is witnessing significant slowing.
• Recent surveys indicate a recovery in household income and spending.
• Data indicates that the labor market in the region remains strong.
• The labor market is expected to remain in good shape.
• Fiscal policies should be currently stimulating spending and consumption.
• This will help stimulate economic growth while alleviating inflation pressures in the future.
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To be continued...