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European Central Bank President Christine Lagarde is giving a press conference following the bank's latest monetary policy decision.
The central bank held interest rates steady for a fifth straight meeting, as anticipation builds for rate cuts in June.
Giving its strongest signal yet that a rate cut was on the cards, the ECB said: "If the Governing Council's updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction."