The European Central Bank (ECB) has been criticised by hawks following the oil shock of 2021/22. The ECB attempted to slow down post-pandemic inflation surge, but failed to act quickly due to unexpected events such as Russia's invasion of Ukraine in 2022. Eventually, the ECB eventually lifted rates from below zero to 4% in just 14 months and returned inflation to target a year later. However, critics argue that the delay meant the ECB had to act harder than it would otherwise have been necessary. The comparison with 2021/2022 is unfair as both fiscal and monetary policy were looser back then and the current situation is different now than four years ago. Despite this, markets suggest that the ECB will move more quickly to prevent future action.