The President of the European Central Bank (ECB), Christine Lagarde, has defended the bank’s recent interest rate cut and dampened expectations of further cuts. The central bank still assumes that the inflation target of two per cent in the medium term can be achieved in the coming year, Lagarde said in a joint interview with several European economic newspapers published on Monday. Against the backdrop of the recent rise in inflation in the single currency area, however, the central bank’s head also made it clear that “the battle” had not yet been won. Last week, the ECB implemented the first…