PANews reported on March 25 that European Central Bank (ECB) President Christine Lagarde stated that the ECB could raise interest rates as early as April if the inflationary shock triggered by the war with Iran spirals out of control. Speaking at a conference, Lagarde said, "We are prepared to adjust our policy at any meeting if necessary." However, she emphasized that it is "too early" to make any decisions on interest rates at this time, as policymakers still need to "assess the nature, scale, and persistence of the expected sharp rise in inflation caused by rising energy prices." Lagarde told central bank observers at the conference that the impact of the conflict is not yet sufficient to prompt immediate action from the ECB. She stated, "If the current energy market shock can be contained, its impact on overall inflation is likely to be limited." She stressed that central bank officials "cannot lower energy prices," but must pay attention to their impact on "comprehensive" inflation and "second-round effects through wages and inflation expectations."