FRANKFURT (Reuters) - European Central Bank President Christine Lagarde staunchly defended her staff's economic forecasting on Thursday, pointing out that some major factors such as the pandemic and Russia's invasion of Ukraine are all but impossible to forecast.
She said most international institutions and economists also made forecasting errors because "it's virtually impossible to actually anticipate and include in your models COVID, the war in Ukraine, the energy blackmail".
"So while I take the blame because I am the head of the institution and yes, we made forecasting errors, but those errors were made by all forecasters. We are not very different from them," she said.
"And I can assure you that staff constantly improves, tries to embed in the models what should be embedded which was not up until now. And that we also apply as much judgment as possible to be as accurate as we can. But it is a fact that because these matters could not be anticipated, we have had to revise our projections."
The ECB has taken some flak over the last year for its low forecasts for inflation in particular, which has taken off in recent months amid the energy crisis stemming from the war in Ukraine.
(Reporting by Francesco Canepa; Editing by Emelia Sithole-Matarise and Hugh Lawson)