Lagarde said she isn’t worried about the political implications of the Central Bank’s efforts, as the ECB’s mandate is to ensure price stability, and this is the best contribution it can make to social peace and to society, to its most vulnerable members in particular.

The ECB has hit pause on an unprecedented campaign of interest rate hikes as it seeks to wrest back control of inflation.

Officials have signaled borrowing costs will remain elevated, to ensure that consumer price gains return to 2%, though the weakening eurozone economy is raising questions about when cuts will become necessary.