Lucinda Creighton: Europe’s bankers and political leaders must act on inflation – and fast

European monetary policy should remain ‘flexible’, says Christine Lagarde of the ECB, but what’s really needed is an interest rate rise across the eurozone

Christine Lagarde, president of the European Central Bank: the ECB is concerned that Europe could experience an enormous economic contraction as the year goes on and wants to remain ‘flexible’. Picture: Getty