European Central Bank President Christine Lagarde stated that last month, the ECB Governing Council had "an ideal environment for monetary policy implementation," which led to the decision to raise interest rates. This move made the ECB the first major central bank to hike its key policy rate in response to energy shocks stemming from the U.S.-Iran conflict.

Speaking at a seminar, she remarked, "With inflation expectations rising, core inflation increasing, and underlying inflation also showing an upward trend, coupled with the fact that inflation is not projected to return to the 2% target until the end of 2028... in this context, the decision to raise rates was clear. That is why all members of the Governing Council voted unanimously."