ECB President Christine Lagarde admitted in an interview with French newspaper La Croix that the European Central Bank is not always entirely correct. She specifically noted that in 2021, the central bank believed the energy shock was temporary and therefore did not require an immediate response, a judgment that proved to be wrong. She stated that the central bank did not anticipate the interconnectedness of the crisis at the time, particularly the significant surge in demand after the pandemic and how the Russian regime deceptively reduced gas reserves.