ECB president warns of dire consequences for EU economy

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ECB president warns of dire consequences for EU economy

15-04-2022 16:54

ECB president warns of dire consequences for EU economy

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ECB president warns of dire consequences for EU economy

In the face of serious economic challenges posed by the anti-Russian sanctions, the European Union keeps pursuing the chosen strategy. ECB President Christine Laragde has warned of serious economic consequences that will follow the Russia-Ukraine conflict. The official says additional funding might help make the European economy more stable.

No doubt, Russia will not be the only one to suffer from the sanctions policy. It will affect (or rather, it has already harmed) the European countries altogether. The ECB head foresees serious economic costs if geopolitical tensions escalate further. Given that neither of the parties expressed willingness to end the conflict, the EU must prepare for unpleasant consequences in advance. "Europe needs a plan to ensure that the necessary investment comes online as quickly and smoothly as possible, with public and private finance reinforcing each other," Lagarde said. She additionally mentioned growing energy and food costs that are likely to boost inflation.

Current developments will have a serious impact on economic activity and inflation in the eurozone due to higher energy and commodity prices as well as undermine international trade and dent confidence. "In the current conditions of high uncertainty, we will maintain optionality, gradualism, and flexibility in the conduct of monetary policy," the chairman stated.

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