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ECB’s Schnabel says Ukraine war clouding otherwise strong outlook -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The European Central Bank logo, Frankfurt, Germany. January 23, 2020. REUTERS/Ralph Orlowski/File photo

FRANKFURT/Reuters – The “shock caused by war” clouded the economic outlook just as inflation began to take hold in Europe. It allowed the European Central Bank to pull its stimulus measures. Isabel Schnabel, an ECB member said this on Thursday.

Schnabel declared that the “shock of war” over Europe had clouded the world’s outlook in a speech. This was according to Schnabel, which she claimed reflected the economy prior to Russia’s attack on Ukraine.

She said: “The economic evolution suggests that after a prolonged period of subdued prices, inflation will stabilise closer to our 2% target over medium term.

“The current inflation outlook requires a gradual normalization in our policy stance. This will reflect the progress that has been made toward achieving our inflation target for the future.”

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