MADRID, March 2 (Reuters) – The invasion of Ukraine by the Russian army will affect economic growth in the euro zone but it is still too early to measure the full consequences of the conflict, Luis de Guindos said on Wednesday. the Vice-President of the European Central Bank (ECB).
“The conflict, through macroeconomics and confidence, should end up having an impact on inflation and causing lower growth,” Luis de Guindos said at an event organized by Carlos III University in Madrid with economics students.
“The most significant effect for the future relates to the great importance Russia has in energy markets,” he added.
Speaking hours before the ECB enters the “reserve period” ahead of the March 10 monetary policy meeting, Luis de Guindos added that the 5.8% inflation rate reached in February was a bad surprise for the institution. (Report Jesus Aguado and Emma Pinedo Gonzalez, written by Balazs Koranyi; French version Laetitia Volga, edited by Blandine Hénault)