President of the European Central Bank (ECB) Christine Lagarde (R) is welcomed by German economist Volker Wieland as she arrives to the ECB And Its Watchers conference in Frankfurt, western Germany, on March 25, 2026. The European Central Bank has a "set of options" for dealing with the energy shock unleashed by the Middle East war, its chief Christine Lagarde said on march 25. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)