With the war in Ukraine and the heavy sanctions on Russia the economic outlook for the euro zone has deteriorated sharply.
Supply chain bottlenecks, high energy prices and concern about a general scarcity of commodities needed for many industrial processes is weighing on the economic outlook. At the same time, inflation rates just keep on rising and there are also tentative signs that this surge is not only down to energy prices, but is more persistent.
"But we need to manage a shock that, in the short term, pushes inflation above our target and reduces growth."
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