European Central Bank President Christine Lagarde told Ouest-France that "The current shock is longer-lasting," with the Middle East conflict still unfolding. She said the ECB expects energy-price turbulence and pressure to persist, even as higher prices risk weighing on growth. The interview transcript was posted by the ECB on Saturday. Lagarde also said, "There has been a major shock that will probably last longer than we had expected." Citing the Iran war and the "destruction of refining capacity around the world, especially in Russia," she added that these factors have "led to an increase in energy costs, and that drives all prices higher." Her takeaway: "In this kind of situation, and as we also have a resilient economy, we are obliged to react.
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