The European Central Bank said on Thursdayfollow closely the implications of the situation in Ukraine“, theater of a military operation launched by Russia. The Governing Council of the ECBwill make a full assessment of the economic outlook at the March meeting“including”recent developments in the geopolitical field“, added the institute in a statement sent to AFP by a spokesperson.
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The EU countries, which meet for an exceptional summit on Thursday evening in Brussels, are preparing a new set of sanctions which will be the “toughest ever implemented“warned Josep Borrell, head of EU diplomacy. These sanctions, decided by the EU and European governments, “will be implemented by the Eurosystem“, Indicates on this subject the press release of the ECB.
The full ECB Governing Council meets Thursday in Paris and for the first time in months in person, as announced before the last weekend. This meeting, which precedes a Council of Ministers of Economy and Finance (Ecofin) of the French Presidency of the European Union on Friday in Bercy, has been planned for a long time and is not intended to examine the course of the Monetary Policy.
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As for the implications of the conflict which are monitored by the ECB, they should relate to “oil and gas prices, but also on investor confidence, consumer confidence, tradeaccording to the institute’s chief economist, Philip Lane, in an interview with the Frankfurter Allgemeine Zeitung published on Wednesday evening.
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The banking supervisor housed within the ECB has already been interested for several days in the possible impact of sanctions on the large banks under its supervision. It looks in particular at the impact on cash, lending, currency positions and trading in financial instruments, according to Bloomberg.