ECB President Lagarde said the current inflation shocks appear less severe than the previous ones, but the outlook remains uncertain with higher inflation risks and lower growth risks. She noted that the war involving Iran has weighed on economic activity, with data showing a slowdown in growth, especially in services. Lagarde added that appropriate monetary policy actions should bring inflation back to target, and there is no evidence yet of inflation expectations diverging from the target or second-round effects that would justify tighter policy.