ECB's Lagarde "we remain well positioned to navigate the uncertainty caused by the war. We will closely monitor developments and follow a data-dependent and meeting-by-meeting approach"

"The shock is too large to look through without jeopardising our target. But we see no evidence yet of de-anchoring of inflation expectations or second-round effects that would warrant a more forceful policy response at this stage." "In particular, our interest rate decisions will be based on our assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path." "Compared with the previous inflation episode, however, at this stage the current shock appears to be smaller in magnitude and occurring in a different context." "..monetary policy cannot fully offset the impact of such shocks"