ECB President warns energy cost surge is alarming, calls for reduced fossil fuel dependence

About 60% of Europe's energy relies on imports, and almost all of it is fossil fuels, Lagarde stated at a climate conference in Frankfurt on Tuesday, noting that this situation is "clearly unsustainable." "The current surge in energy prices reminds us of the cost of this dependence," she said. "Alternative energy provides the clearest path to achieving a balance between energy security, sustainability, and affordability."