The President of the European Central Bank, Christine Lagarde, has said she recognised that interest rate increases were a burden for some people.
The ECB raised interest rates again on Thursday and signalled it was keen to start shrinking its bloated balance sheet, taking another big step in tightening policy to fight off a historic surge in inflation.
Worried that rapid price growth is becoming entrenched, the ECB is raising borrowing costs at the fastest pace on record.
Further hikes are almost certain as unwinding a decade's worth of stimulus will take it well into next year and beyond.
Speaking on The Late Late Show, Ms Lagarde said the ECB was increasing rates because it is fighting inflation.
She said the ECB was not just the custodian of the euro, it also had to fight inflation, which is "particularly bad for those on low incomes".
In a series of complex moves, the ECB raised its deposit rate by 75 basis points to 1.5%, as expected, taking the total increase to 2 percentage points over three meetings.
Until July, ECB rates had been in negative territory for eight years.
With Thursday's decision, the ECB also increased the rate on its Main Refinancing Operation, which affects mortgage rates, to 2% from 1.25% and that on its daily Marginal Lending Facility to 2.25% from 1.5%.
The ECB also cut a key subsidy to banks, but made no hint about plans to start winding down its bond holdings after hoovering up trillions of euros of debt issued by euro zone governments since 2015.
Central banking 'a lonely place'
Ms Lagarde also recalled "with emotion" her memories of the late Brian Lenihan when both were finance ministers during the financial crisis.
She described him as "a very dedicated man for the country" and recalled how they would chat in French.
She described Ireland's 50-year membership of the European Union as "a story of success and prosperity".
She described Russian President Vladimir Putin as "a terrifying person" and said his actions in invading Ukraine were "driven by evil forces".
She said central banking is a still "a lonely place" for women but that when women "are part of the game, the game is better".
She said her time as a competitive synchronised swimmer had taught her resilience, endurance and the importance of teamwork.
She presented host Ryan Tubridy with a jar of honey from hives located at the headquarters building of the ECB in Frankfurt.
