ECB’s Lagarde Urges Europe to Cut Reliance on Energy Imports

European Central Bank President Christine Lagarde said soaring energy costs due to the Iran war should act as a wake-up call for Europe to reduce its reliance on fossil fuels and energy imports.

With Europe importing about 60% of its energy – almost all fossil fuels — Lagarde told a climate conference Tuesday in Frankfurt that the status quo is “clearly unsustainable.”