The ECB is aiming for inflation of 2 percent in the medium term. In the euro area, it is currently at a record high of 8.6 percent. In Germany it is 7.6 percent. "Inflation is too high," wrote Lagarde. High inflation is largely due to factors that central banks cannot control. "However, we can ensure that inflation does not remain permanently high." The monetary policy council of the ECB agreed to bring inflation back to the target value in the medium term. The ECB raised its key interest rates for the first time in eleven years on Thursday. The rate hike was half a percentage point higher than expected. However, the central bank started its fight against inflation much later than other large central banks, such as the US central bank or the British central bank. However, another measure by the ECB is controversial.