(Bloomberg) —

President Christine Lagarde said the recent appreciation of the euro has partly offset the positive impact that the European Central Bank’s stimulus had in boosting inflation and reiterated that policy makers stand ready to adjust all of their instruments if needed.

The Governing Council will carefully assess all the information coming from the euro-area economy, including developments in the exchange rate, with regard to their impact on the medium-term inflation outlook, she said on Sunday.

“When it comes to meeting our price stability goal, there is and there will be no complacency,” Lagarde argued in her remarks at the meeting of the Council of Governors of the Arab Central Banks and Monetary Authorities. “Monetary policy will continue to play its role in the euro area with full commitment to its mandate.”

Her comments show the predicament that the ECB is facing with the euro’s recent rise to the

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