A question relates to possible interventions by the ECB due to the high energy prices. Lagarde asks a counter question: Would it have made a difference in energy prices if the ECB had stopped buying bonds and then hiked interest rates? “No,” says Lagarde. Energy prices are determined by other price mechanisms. This underlines that in monetary policy there is a great deal of controversy as to whether and how central banks should react to high energy prices.
This is how President Lagarde explains the decisions of the ECB
