European Central Bank (ECB) President Christine Lagarde stressed on Friday that fiscal measures must be put in place to protect the energy companies from rising gas prices on the open market. She explained that they "should be targeted to backstop the failure of critical energy companies and to preserve financial stability."
Lagarde insisted that the ECB stands ready to provide liquidity to banks, not energy firms and that "watering down the prudential requirements for clearing houses and derivative counterparties should be avoided."
