We are getting to the end of a monetary-policy cycle that was responding to compounded shocks — including Covid, the illegitimate war in Ukraine and the energy crisis,” says ECB's Lagarde.

The European Central Bank's easing cycle reached the one-year mark Thursday when policymakers delivered another interest rate cut as concerns mount about the struggling eurozone economy and global trade tensions.

The European Central Bank cut some of its growth and inflation projections on Thursday as the fallout from a global trade war is likely to prove a drag for the 20-nation euro zone.