European Central Bank President Christine Lagarde said discussions were held with Eurogroup President Paschal Donohoe in Frankfurt yesterday on the need to "start rolling back" measures introduced by governments across Europe to shield people from price rises.

In her opening statement and press conference, Christine Lagarde said the measures should be rolled back "promptly in line with the fall in energy prices and in a concerted manner".

Ms Lagarde explained in her press conference that this meant when prices come down at a retail level.

Up to now, falls in wholesale electricity and gas prices over the past six months have not resulted in cheaper domestic bills.

The President of the ECB said "any measures falling short" of this would likely "drive up medium-term inflationary pressures" and call for a stronger response when it comes to monetary policy, which in effect means higher interest rates.

In Ireland, a range of support measures put in place by the Government in response to higher energy prices are due to expire at the end of this month.

No decisions have been made yet on whether to extend them or allow them to expire.