ECB President Lagarde (statement): says the economy is proving resilient, consumer confidence has rebounded.

General Employment growth continues to slow. Labour market is robust. Private consumption and public spending has been resilient. Medium term consumption should be supported. Near-term growth outlook has improved; will increasingly be bolstered by business and housing investment. Exports held back by trade policies and competitiveness challenges. Fiscal language reiterated. Inflation Most measures of underlying inflation were broadly stable in July. Unit labour cost growth has been contained by rising labour productivity. Wage tracker points to a modest uptick in negotiated wage growth. Most measures of longer-term inflation measures stand at around 2% Higher energy prices expected to feed through gradually to core, the improved economic outlook will also factor.