ECB President Lagarde (Q&A) says decision was unanimous to raise rates

Did not discuss alternatives Today's decision was not an 'insurance' move Talks were predicated on energy shock Seeing some signs of Middle East cost increases Indirect costs from the war are also showing up ECB has updated scenarios; will publish a 'milder scenario' as well Today's decision was robust across all three scenarios considered (adverse, severe, milder) If we were not taking this very obvious policy decision, we’d be north of our inflation target at end of projection horizon