According to ECB President Lagarde, a trade conflict may significantly increase eurozone inflation by 0.5 percentage points, resulting in negative impacts on the economy. She also noted that escalating trade tensions and a weaker euro would make monetary policy more challenging.

Source: https://www.euronews.com/business/2025/03/20/trade-tariffs-could-push-up-eurozone-inflation-by-05-ecbs-lagarde-warns