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ECB expects Ukraine war to weigh on euro zone growth – de Guindos

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© Reuters. FILE PHOTO: The European Central Bank (ECB) logo in Frankfurt, Germany, January 23, 2020. REUTERS/Ralph Orlowski

MADRID (Reuters) – Russia’s invasion of Ukraine will weigh on European economic growth but it remained too early to assess the full impact of the conflict, European Central Bank Vice President Luis de Guindos said on Wednesday.

“It is expected that the conflict, through the macroeconomic and the confidence side, will end up having an impact on inflation and lower growth,” de Guindos said. “The most significant effect for the future is the high importance that Russia has in the energy markets.”

Speaking just hours before the ECB went into a quiet period ahead of a March 10 policy meeting, de Guindos said February’s 5.8% inflation reading, published earlier in the day, was a negative surprise for the bank.

ECB expects Ukraine war to weigh on euro zone growth – de Guindos

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