PARIS: The European Central Bank is ready to support price and financial stability in the eurozone if needed during the Russia-Ukraine crisis, its chief Christine Lagarde said Friday.

“The ECB stands ready to take whatever action is necessary within its responsibilities to ensure price stability and financial stability in the euro area,” Lagarde told reporters in Paris after meetings with finance ministers from the whole EU and the 19-nation single currency bloc.

The central bank had been weighing a response to surging inflation that could include a reduction in its massive easy-money policies introduced before and during the coronavirus pandemic, including ultra-low interest rates and bond-buying.

But Russia’s attack on its neighbour has shaken economic confidence, throwing growth into doubt while also driving up prices for energy resources like gas and oil — with uncertain consequences for inflation.

“It is premature to assess the economic impact of the current conflict because the situation is evolving every hour,” Lagarde said.

“We will evaluate the impact of rising energy prices which are likely in the short term to increase inflation,” she added.

European Commission Vice-President Valdis Dombrovskis told reporters that the war “will affect the EU economy too” but insisted that “it is the price to defend democracy”.