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- ECB’s de Cos: Ukraine crisis to have adverse economic impact, increase inflationary pressures
ECB’s de Cos: Ukraine crisis to have adverse economic impact, increase inflationary pressures
European Central Bank (ECB) Governing Council member and Spanish central bank chief Pablo Hernandez de Cos said Tuesday, “Russian's invasion of Ukraine will have adverse consequences on economic activity and increase inflationary pressures.”
He added, “Russia’s invasion of Ukraine has increased uncertainty for the economic outlook in Europe and Spain” and that the “scenario will depend on length and severity of the conflict.”
Market reaction
EUR/USD is flirting with 1.1000, having hit daily highs at 1.1020 in the last hour. The spot is adding 0.56% on the day.
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